If $7000 is invested for t years at 9% interest compounded continuously, the fut

Question

If $7000 is invested for t years at 9% interest compounded continuously, the future value is given by S = 7000 e^0.0910 dollars. Complete parts (a) through (c). Graph this function for 0 lessthanorequalto t lessthanorequalto 15. Choose the correct graph below. Use the graph to estimate when the future value will be $8000. Choose the correct answer below. t 1.48 years t 2.48 years t 2.96 years t 0.48 years Complete the following table (Round to the nearest whole number as needed.) Complete the following table. (Type an integer or decimal rounded to two decimal places as needed)

Explanation / Answer

S=7000e.09t

When t=0,S=7000e.09(0)=7000

Therefore the correct option is c

b. From the graph we can say that the value of S is 8000 when 0<t<2

Hence the correct option is A that is t is approximately 1.48 yrs

c. S=7000e.09t

24677.95=7000e.09t

Taking ln on both sides

ln (24677.95/7000)/.09=t

t=14 yrs

d.   S=7000e.09(5)= 10978.19

when t=10

   S=7000e.09(10)=17217.22

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