Solve only when know correct solution 1. A bank started a new savings account on October 20, 2015, using theaccumulation function a(t) = mt + n, where t is measured in years. An in-vestment of 700 made on October 20, 2015 is worth 889 on October 20, 2018.(a) How much interest will be earned during the 5th year on an investmentof 1000 made on October 20, 2015?(b) Find the effective rate of interest during the fourth year from October 20,2015.(c) Find the effective rate of discount during the third year from October 20,2015.

Given information: The accumulation function is given.

A bank started a new savings account on October 20, 2015, using the ulation function a(t) mt +n, where t is measured in years. An in- ent of 700 made on October 20, 2015 is worth 889 on October 20, 2018. ow much interest will be earned during the 5th year on an investment 10 made on October 20, 2015? nd the effective rate of interest during the fourth year from October 20,

A bank started a new savings account on October 20, 2015, using the ulation function a(t) mt +n, where t is measured in years. An in- ent of 700 made on October 20, 2015 is worth 889 on October 20, 2018. ow much interest will be earned during the 5th year on an investment 10 made on October 20, 2015? nd the effective rate of interest during the fourth year from October 20,

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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