business Cal
1. If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 5 years? (Round your answer to the nearest cent.)
$ p
er yr
$ p
er yr
2.The approximate value of subprime (normally classified as risky) mortgage debt outstanding in the United States can be approximated by
A(t) =
$ billion(0 ≤ t ≤ 8)
| 1,350 |
| 1 + 4.2(1.7)−t |
t years after the start of 2000.
† How fast, to the nearest $1 billion, was the subprime mortgage debt increasing at the start of 2001?
$
billion per yr
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