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Question 5>You deposit $8000 in an account earning 4% interest compounded continuously. The amount of money in theaccount after t years is given by A(t) = 8000e0.04tRound your answer to 2How much will you have in the account in 12 years? $decimal places.years. Round yourHow long will it be until you have $12700 in the account?answer to 2 decimal places.years. RoundHow long does it take for the money in the account to double?your answer to 2 decimal places.Question Help: Video Message instructorSubmit Question

Answer 1

Given

The amount deposited in the account is $8000.

The rate of interest is, 4%.

The amount of money in the account after t years is,

`A(t)=8000e^(0.04t)`

To find the amount in the account after 12 years.

Step-by-step explanation:

Since

`A(t)=8000e^(0.04t)`

Then, for t=12 years,

`\begin{gathered} A(12)=8000e^(0.04*12) \\ =8000*1.61607 \\ =12,928.5952 \end{gathered}`

Hence, the amount of money in the account after 12 years is $12928.5952.