Compound Interest. (Kind of long..)
Four thousand dollars is deposited into a savings account at 3.5% interest compounded continuously.
a) What is the formula for A(t), the balance after t years?
b) What differential equation is satisfied by A(t), the balance after t years?
c) How much money will be in the account after 2 years?
d) When will the balance reach $5000?
e) How fast is the balance growing when it reaches $5000?
f) When will the balance triple?
g) How fast is the balance growing at the time it triples in value?
Thanks in advance!