When money interest is compounded continuously, the amount of increases at a rate
Chapter 2, Problem 10(choose chapter or problem)
When money interest is compounded continuously, the amount of increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 5 years when $5000 is deposited in a savings account drawing St% annual interest compounded continuously. (b) In how many years wi11 the initial sum deposited have doubled? (c) Use a calculator to compare the amount obtained in part (a) with the amount S = 5000(1 + !(0.0575))5C4> that is accrued when interest is compounded quarterly
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