Suppose that $16,679 is invested at an interest rate of 6.7% per year, compounded continuously. a) Find the exponential function that describes the
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Suppose that $16,679 is invested at an interest rate of 6.7% 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) = .(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.)
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