10. Suppose that you deposit $4000 into a savings account that pays 5.5% annual interest, com- pounded continuously. (a)

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answerhappygod
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10. Suppose that you deposit $4000 into a savings account that pays 5.5% annual interest, com- pounded continuously. (a)

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10. Suppose that you deposit $4000 into a savings account that pays 5.5% annual interest, com-
pounded continuously.
(a) What is the function f(t) that describes the future value of the account?
(b) How many years will it take to double the initial investment? (your answer to two decimal places.)
(c) In how many years will the account reach $10,000? (answer to two decimal places.)
(d) Compare the result of Part B to the results from the previous question. Which is the best way in which to have the interest on your investment compounded – monthly, quarterly, annually, or continuously?
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