C4U 9.6

Kimi invests $4,000 at 3% interest compounded continuously. How much money will she have in 4 years?

What does the r stand for in this formula?

• Rate as a percent

• Rate as a decimal

• number of times interest is compounded

Abe has $3,250 in a savings account that is paying an interest rate of 0.62%. If the interest is compounded continuously, how long will it take to grow to $5,500. Round the answer to the nearest tenth.

Carbon-14 has a half-life of 5730 years. From this assumption find the approximate age of a skull found by an archaeologist if the skull has 49% of its original carbon-14 concentration. Round to the nearest year.