3) The gross domestic product (GDP) of a certain country was $400 billion at the beginning 3) of the year 2005 and increases at the rate of 2.6% per year. a. Express the GDP of this country as a function of the number of years after 2005. (Hint: Think of this as a compounding problem.) b. What does this formula predict the GDP of the country will be at the beginning of the year 2012? A) a. GDP = 400 + 400(0.026) B) a. GDP = 400e0.0261 b. $472.8 billion b. - $492.5 billion C) a. GDP = 400(1.026) D) a. GDP-4000.0261 b. -$478.7 billion b. $479.8 billion 4) How quickly will money: a) double if it is invested at an annual interest rate of 10% compounded continuously? b)tripple if it is invested at annual interest rate of 12% compounded continuously? Find the effective interest rate re for the given investment. 5) Nominal annual rate of 10%, compounded continuously A) re 10.25% B) re 10.47% C) re 10.38% 5) D) re 10.52% Solve the problem. 6) Bob and Alice want to remodel their bathroom in 4 years. They estimate the job will cost $35,000. How much must they invest now at an annual interest rate of 4% compounded quarterly to achieve their goal? 7) 7) The Morenos invest $9000 in an account that grows to $11,000 in 4 years. What is the annual interest rate r if interest is compounded a. Quarterly b. Continuously A) a. 2.192% B) a. 4.5432% C) a. 6.0576% D) a. 5.048% b.2.179% b. 4.5153% b.6.0204% b.5.017% 8) An efficiency expert hired by a manufacturing firm has compiled these data relating workers' output to their experience: Experience t (months) 06 Output Q (units per hour) 400 580 Suppose output Q is related to experience t by a function of the form Q(t) = 680 - Ae-kt Find the function of this form that fits the data. What output is expected from a worker with 1 year's experience? Solve the given equation for x. 9) 7 = 21n x-Inx 9) A) e4 = 54.598 B) In 4 = 1.386 c) - D) 4 Solve the problem. 10) Determine the monthly car payment for a new car costing $16,125, if there is a down payment of $5000 and the car is financed over a 5-year period at an annual rate of 5% compounded monthly