Suppose that $14,285 is invested at an interest rate of 6.9% per year, compounded continuously.
a) Find the exponential function that describes the amount in the account after time t, in years.
b) What is the balance after 1 year? 2 years? 5 years? 10 years?
c) What is the doubling time?
a) The exponential growth function is P(t) = 1.
(Type exponential notation with positive exponents. Do not simplify. Use integers or decimals for any numbers in the equation.)
b) The balance after 1 year is $ .
(Simplify your answers. Round to two decimal places as needed.)
The balance after 2 years is $ .
(Simplify your answers, Round to two decimal places as needed.)
The balance after 5 years is $ .
(Simplify your answers, Round to two decimal places as needed.)
The balance after 10 years is $ .
(Simplify your answers. Round to two decimal places as needed.)
c) The doubling time is years.
(Simplify your answers. Round to one decimal place as needed.)