The amount in an account with a beginning balance of $3000 and interest compounded continuously at an annual rate of 5.5% can be modeled by the equation a=3000e^ (5.5t)

true or false?

False.

The applicable formula for amount in account (a) after t years is given by:

a = Pe^ (rt); where a = Amount in an account, P = Amount deposited, r = Annual interest rate, t = time in years.

Substituting;

a = 3000e^ (0.055t)

The continuously compounded formula is given by:

A=Pe^ (rt)

where:

P=principle

r=rate

t=time

Thus from the information given:

P=$3000, rate=5.5%, the formula will be:

A=3000e^ (0.055t)

Thus the answer given is false.