- 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?

Answered: Image /qna-images/answer/0b45cf0a-26f7-43a5-a00d-66db77116453.jpg

initial deposit of $1,000 is placed in a savings account with an APY of 4.3% sume the interest rate remains constant and no additional deposits or withdr - Find an exponential growth function for the balance. . Find the doubling time for the balance. . How long will it take until the balance of the account is $5, 000?

initial deposit of $1,000 is placed in a savings account with an APY of 4.3% sume the interest rate remains constant and no additional deposits or withdr - Find an exponential growth function for the balance. . Find the doubling time for the balance. . 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...

See similar textbooks

Similar questions

An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded continuously. How much will theaccount be worth after 15 years?
Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25 interest,compounded continuously. How much will theaccount be warm after 25 years?
Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of 7.75, compounded daily, how much money will be in the account when it matures?

Recommended textbooks for you

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax