Investments In August 2013, Ally Bank was offering 0.61 % interest on its Online Savings Account, with interest reinvested daily.40 Find the associated exponential model for the value 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.)

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.CR: Chapter Review
Problem 52E: Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of...
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Investments In August 2013, Ally Bank was offering 0.61 % interest on its Online Savings Account, with interest reinvested daily.40 Find the associated exponential model for the value 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.)

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