Kimberly’s family invested in a Certificate of Deposit (CD) for her when she was born. They deposited $3,000 at an annual interest rate of 8%. The interest is compounded monthly.   After 15 years, what is the   principal amount(p)= rate of interest(r)= the number of times the interest is compunded(n)=   Write an exponential function:   What is the value after 15 years(substitute 15 for t)?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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Kimberly’s family invested in a Certificate of Deposit (CD) for her when she was born. They deposited $3,000 at an annual interest rate of 8%. The interest is compounded monthly.
 
After 15 years, what is the
 
principal amount(p)=
rate of interest(r)=
the number of times the interest is compunded(n)=
 
Write an exponential function:
 
What is the value after 15 years(substitute 15 for t)?
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