Q4

4. [-/0.45 Points] DETAILS ZILLDIFFEQMODAP11 3.1.010. 0/15 Submissions Used MY NOTES When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 5 years when $6000 is deposited in a savings account drawing 5-% annual interest compounded continuously. (Round your answer to the nearest cent.) $ (b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.) years 5(4) (c) Use a calculator to compare the amount obtained in part (a) with the amount S = 6000( 1 + (0.0525) that is accrued when interest is compounded quarterly. (Round your answer to the nearest cent.) S = $ Need Help? Read It Submit