Solved: Money in a bank account earns interest at a continuous rate, Mathematics

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Money in a bank account earns interest at a continuous rate

Question: Money in a bank account earns interest at a continuous rate, r. The amount of money, $B, in the account depends on the amount deposited, $P, and the time, t, it has been in the bank according to the formula

B = Pe^rt.

Find ∂B/∂t and ∂B/∂P and interpret each in financial terms.

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Mathematics: Money in a bank account earns interest at a continuous rate

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Prepared by a verified Expert

Mathematics: Money in a bank account earns interest at a continuous rate

Reference No:- TGS02409724

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