Awoman invests $5800 in an account that pays 6% interest per year, compounded continuously.
a) what is the amount after 2 years? (round your answer to the nearest cent.)
b) how long will it take for the amount to be $8000? (round your answer to two decimal places.)

Part a)  

Part b)  

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest in decimal  

t is Number of Time Periods  

e is the mathematical constant number

Part a) What is the amount after 2 years?

we have  

substitute in the formula above  

Part b) How long will it take for the amount to be $8000?

we have  

substitute in the formula above  and solve for t

Applying ln both sides

Remember that

ln(e)=1

n=9

step-by-step explanation:

7 times a number = 7n

decreased by 13 = 7n-13

same as is =

5 times the number = 5n

increased by 5 = 5n+5

7n-13 = 5n+5

2n=18

n=9