Math Solutions

[See] Last week's profits from a dry cleaners was $2000. Suppose the $2000 is invested at interest rate k, compounded continuously, and grows to $2983.65

Question: Last week's profits from a dry cleaners was $2000. Suppose the $2000 is invested at interest rate k, compounded continuously, and grows to $2983.65 in 5 years.

  1. What is the interest rate?
  2. Find the exponential growth function.
  3. What will the balance be after 10 years?
  4. When will the $2,000 double?

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