Question
6. For the applications that follow, you must use a variation of N=N0e^(kt) when necessary. A. A local bank advertises that it compounds interest continuously
6. For the applications that follow, you must use a variation of N=N0e^(kt) when necessary.
A. A local bank advertises that it compounds interest continuously and that $2200 will become $3500 in 3 years. What is the annual interest rate?
B. The growth rate of the demand for electricity in a certain foreign country is 12.5% per year. If the demand grows exponentially, when will the demand be one and a half times that of 2019
C. Joanne wants to have $5000 available in 5 years to pay for her driveway to be repaved. Interest is currently 1.4% compounded continuously. How much money should be invested now>
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