A corporation has a continuous compounded bank account with 2.7% annual interest. The board of directors has placed $84,036 in the account when it is opened. At what rate (in dollars per year) is the accour growing after 5 years? Round your answer to the nearest cent. (Hint: The formula for continuous compound interest is A-Pet where t is the time (in years), r is the interest rate (as a decimal), P is the initial amount invested (in dollars), and A is the amount in the account (in dollars) after t years. dollars per year

A corporation has a continuous compounded bank account with 2.7% annual interest. The board of directors has placed $84,036 in the account when it is opened. At what rate (in dollars per year) is the accour growing after 5 years? Round your answer to the nearest cent. (Hint: The formula for continuous compound interest is A-Pet where t is the time (in years), r is the interest rate (as a decimal), P is the initial amount invested (in dollars), and A is the amount in the account (in dollars) after t years. dollars per year

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...

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