Suppose that p is invested in a savings account in which interest, k, is compounded continuously at 4 % per year. the balance p (t) after time t, in years, is p (t) equalspe superscript kt. a) what is the exponential growth function in terms of p and 0.04 ?

Question

Mathematics

Brett

8 June, 03:00

Suppose that p is invested in a savings account in which interest, k, is compounded continuously at 4 % per year. the balance p (t) after time t, in years, is p (t) equalspe superscript kt. a) what is the exponential growth function in terms of p and 0.04 ?

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Blaze Atkinson · Answer 1

A]

Given that the investment can be modeled by:

p (t) = e^ (kt)

This is an exponential growth function.

where k=0.04

thus plugging in the value of k=0.04 in the function we obtain:

p (t) = e^ (0.04t)