86. Investments In August 2013, Ally Bank was offering 0.61% interest on its Online Savings Account, with interest rein- vested daily. Find the associated exponential model for the valde of a $4,000 deposit after t years. Assuming that this rate of return continued for 8 years, how much would a deposit of $4,000 in August 2013 be worth in August 2021? (Answer to the nearest $1.) 25

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
Problem 3PPS
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86. Investments In August 2013, Ally Bank was offering 0.61%
interest on its Online Savings Account, with interest rein-
vested daily. Find the associated exponential model for
the valde of a $4,000 deposit after t years. Assuming that
this rate of return continued for 8 years, how much would a
deposit of $4,000 in August 2013 be worth in August 2021?
(Answer to the nearest $1.)
25
Transcribed Image Text:86. Investments In August 2013, Ally Bank was offering 0.61% interest on its Online Savings Account, with interest rein- vested daily. Find the associated exponential model for the valde of a $4,000 deposit after t years. Assuming that this rate of return continued for 8 years, how much would a deposit of $4,000 in August 2013 be worth in August 2021? (Answer to the nearest $1.) 25
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