10. An initial deposit of $1, 000 is placed in a savings account with an APY of 4.3%. Assume the interest rate remains constant and no additional deposits or withdrawals are made. (a). Find an exponential growth function for the balance. (b). Find the doubling time for the balance. (c). How long will it take until the balance of the account is $5, 000?

10. An initial deposit of $1, 000 is placed in a savings account with an APY of 4.3%. Assume the interest rate remains constant and no additional deposits or withdrawals are made. (a). Find an exponential growth function for the balance. (b). Find the doubling time for the balance. (c). How long will it take until the balance of the account is $5, 000?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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