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Make your answers clear and explain the steps, thanks in advance, I'll rate! 1) An amount of invested money is said to draw interest compounded
Make your answers clear and explain the steps, thanks in advance, I'll rate!
1) An amount of invested money is said to draw interest compounded continuously if the amount of money increases at a rate proportional to the amount present. Suppose $1,000 is invested and draws interest compounded continuously, where the annual interest rate is 6%. a) How much money will be present 10 years after the original amount was invested? b) How long will it take for the original amount to doubleStep by Step Solution
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