$8,000 is invested in an account earning 8.7% interest (APR), compounded continuously. Write a function showing the value of the account after t years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year (APY), to the nearest hundredth of a percent.
$8,000 is invested in an account earning 8.7% interest (APR), compounded continuously. Write a function showing the value of the account after t years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year (APY), to the nearest hundredth of a percent.
Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
1st Edition
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:HOUGHTON MIFFLIN HARCOURT
Chapter6: Exponential Functions And Sequences
Section: Chapter Questions
Problem 18CR
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Question
![$8,000 is invested in an account earning 8.7% interest (APR), compounded
continuously. Write a function showing the value of the account after t
years, where
the annual growth rate can be found from a constant in the function. Round all
coefficients in the function to four decimal places. Also, determine the percentage of
growth per year (APY), to the nearest hundredth of a percent.
Function: f(t)
Growth
% increase per year
Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94eb6133-633d-46fb-a0bd-9bf5fc300f19%2Fbbdef753-c5a6-4930-882d-71c759df8cc9%2F6xlvwds_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$8,000 is invested in an account earning 8.7% interest (APR), compounded
continuously. Write a function showing the value of the account after t
years, where
the annual growth rate can be found from a constant in the function. Round all
coefficients in the function to four decimal places. Also, determine the percentage of
growth per year (APY), to the nearest hundredth of a percent.
Function: f(t)
Growth
% increase per year
Submit Answer
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