Suppose that p is invested in a savings account in which interest, k, is compounded continuously at 4% per year. the balance p(t) after time t, in years, is p(t)equalspe superscript kt. a) what is the exponential growth function in terms of p and 0.04?
a] Given that the investment can be modeled by: p(t)=e^(kt) This is an exponential growth function. where k=0.04 thus plugging in the value of k=0.04 in the function we obtain: p(t)=e^(0.04t)
