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A financial adviser recommends that a client deposit $2,500 into a fund that earns 8.5% annual interest compounded monthly. What is the interest rate per month? (Give an exact answer.) r = 0.71 X Find an exponential growth model for A, the value (in dollars) of the account after t years. (12¹) A= 2500 (1.007083333) . X MY What will be the value (in dollars) of the investment after 7 years? Round to the nearest cent. $4523.08

A financial adviser recommends that a client deposit $2,500 into a fund that earns 8.5% annual interest compounded monthly. What is the interest rate per month? (Give an exact answer.) r = 0.71 X Find an exponential growth model for A, the value (in dollars) of the account after t years. (12¹) A= 2500 (1.007083333) . X MY What will be the value (in dollars) of the investment after 7 years? Round to the nearest cent. $4523.08

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A financial adviser recommends that a client deposit $2,500 into a fund that earns 8.5% annual interest compounded monthly. What is the interest rate per month? (Give an exact answer.) r = 0.71 X Find an exponential growth model for A, the value (in dollars) of the account after t years. (12²) A = 2500 (1.007083333) . X MY What will be the value (in dollars) of the investment after 7 years? Round to the nearest cent. $4523.08
Transcribed Image Text:A financial adviser recommends that a client deposit $2,500 into a fund that earns 8.5% annual interest compounded monthly. What is the interest rate per month? (Give an exact answer.) r = 0.71 X Find an exponential growth model for A, the value (in dollars) of the account after t years. (12²) A = 2500 (1.007083333) . X MY What will be the value (in dollars) of the investment after 7 years? Round to the nearest cent. $4523.08
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