15. Jacob invests $8,500 in a savings account that promises a nominal rate of 2% continuously compounded.
(a) Write an equation for the amount this investment
would be worth after 1-years.
[3 points)
(b) How much would the investment be worth after
20 years?
14 points)
(c) Algebraically determine the time it will take for
the investment to double. Round to the nearest
tenth of a year.
[7 points]

(a)

(b) A = $12680.37

(c)

Explanation:

Given:

Principal, P = $8,500

Rate of interest, r = 2%

Compounded continuously, n = 365

(a)

Time, t = 1

Amount, A equation = ?

We know:

On substituting the value we get:

(b)

Amount after 20 years = ?

t = 20

(c)

Amount to double = 8500 X 2

                             = $17000

Time, t = ?

you would need to know all the numbers that are on there

step-by-step explanation:

1 x=22.52

2: 65/39=604+39x

65x-39x=604

26x=604

x=604/26

×=23.23