A self-employed software engineer starts saving $300 a month in an index fund that returns 9% annual interest, compounded monthly. The balance in the account after t years is given by A1t2= 40,00011.007512t - 12. a. How much money will be in her account after 20 years and how fast is her account growing at this point? b. How long will it take until the balance in her account reaches $100,000, and how fast is her account growing at this point?
A self-employed software engineer starts saving $300 a month in an index fund that returns 9% annual interest, compounded monthly. The balance in the account after t years is given by A1t2= 40,00011.007512t - 12. a. How much money will be in her account after 20 years and how fast is her account growing at this point? b. How long will it take until the balance in her account reaches $100,000, and how fast is her account growing at this point?
Chapter5: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 37CT: On the day a grandchild is born, a grandparent deposits $2500 in a fund earning 7.5% interest,...
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A self-employed software engineer starts saving $300 a month in an index fund that returns 9% annual interest, compounded monthly. The balance in the account after t years is given by A1t2= 40,00011.007512t - 12.
a. How much money will be in her account after 20 years and how fast is her account growing at this point?
b. How long will it take until the balance in her account reaches $100,000, and how fast is her account growing at this point?
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