You initially invest $400 in a savings account that pays a yearly interest rate of 5%. (a) Write a formula for an exponential function giving the balance in your account as a function of the time since your initial investment. (Let B be the account balance in dollars and t be the number of years since the initial investment.) B(t) = 400 ·1.05 dollars (b) What monthly interest rate best represents this account? Round your answer to three decimal places. (c) Calculate the decade growth factor. (Round your answer to two decimal places.) (d) Use the formula you found in part (a) to determine how long it will take for the account to reach $652. (Round your answer to the nearest whole number.) yr

You initially invest $400 in a savings account that pays a yearly interest rate of 5%. (a) Write a formula for an exponential function giving the balance in your account as a function of the time since your initial investment. (Let B be the account balance in dollars and t be the number of years since the initial investment.) B(t) = 400 ·1.05 dollars (b) What monthly interest rate best represents this account? Round your answer to three decimal places. (c) Calculate the decade growth factor. (Round your answer to two decimal places.) (d) Use the formula you found in part (a) to determine how long it will take for the account to reach $652. (Round your answer to the nearest whole number.) yr

Name: Can someone please help with this? You initially invest $400 in a savi
Uploaded: 2024-03-20T07:07:37.000Z
Channel: Bartleby
Description: Can someone please help with this? You initially invest $400 in a savings account that pays a yearly interest rate of 5%.(a) Write a formula for an exponential function giving the balance in your account as a function of the time since your initial i

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...

See similar textbooks

Similar questions

Saving How much money should be invested every quarter at 10% per year, compounded quarterly, to have $5000 in 2 years?
You invest $6000 at an annual rate of 4. Find the balance after 7 years for each type of compounding. a.Quarterlyb.Monthlyc.Continuous
Interest Leigh Jacks plans to invest 500 into a money market account. Find the interest rate that is needed for the money to grow to 1200 in 14 years if the interest is compounded quarterly.
Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the account in 10 years by each method of compounding? compound quarterly compound monthly compound continuously
Rachel invests $15,000 at age 25. She hopes the investments will be worth when she turns 40. If the interest compounds continuously, approximately what rate of growth will she need to achieve her goal?
Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from, allcompounding daily. Her goal is to have 15,000 bythe time she finishes graduate school in 6 years. Tothe nearest hundredth of a percent, what should herminimum annual interest rate be in order to reach hergoal? (Hint: solve the compound interest formula forthe interest rate.)
Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account in 15 years by each method of compounding? compound quarterly compound monthly compound continuously