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Base e and Natural Logarithms. Show Work. 1. INTEREST Horatio opens a bank account that pays 2.3% annual interest compounded continuously. Hemakes an initial deposit

Base e and Natural Logarithms. Show Work.

1. INTEREST Horatio opens a bank account that pays 2.3% annual interest compounded continuously. Hemakes an initial deposit of $10,000. What will be the balance of the account in 10 years? Assume that he makes no additional deposits and no withdrawals.

2. INTEREST Janie's bank pays 2.8% annual interest compounded continuously on savings accounts. She placed $2000 in the account. How long will it take for her initial deposit to double in value? Assume that she makes no additional deposits and no withdrawals. Round your answer to the nearest quarter year.

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