Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
(c) What is the monthly interest rate? (Round your answer to one decimal place.) 14 (d) What is the yearly interest rate? (Round your answer to one decimal place.) 16.8 x % (e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 19. How large a college fund will she have? (Round your answer to the nearest cent.) $ 49 (f) How long does it take your money to double in value? (Round your answer to two decimal places.) 16.8 x months How much longer does it take it to double in value again? (Round your answer to two decimal places.) months

(c) What is the monthly interest rate? (Round your answer to one decimal place.) 14 (d) What is the yearly interest rate? (Round your answer to one decimal place.) 16.8 x % (e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 19. How large a college fund will she have? (Round your answer to the nearest cent.) $ 49 (f) How long does it take your money to double in value? (Round your answer to two decimal places.) 16.8 x months How much longer does it take it to double in value again? (Round your answer to two decimal places.) months

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 23E
See similar textbooks
icon
Related questions
Question
Part C D AND F ONLY
You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance $1500.00 $1521.00 $1542.29 $1563.88 $1585.77 $1607.97 (a) How much money was originally invested? $ 1500 (b) Show that the data are exponential. (Round your answer to three decimal places.) Each successive ratio of new/old is 1.014 which shows that the data-is exponential. Find an exponential model for the account balance. (Let t be the time in months and B the savings balance in dollars. Round your parameters to three decimal places.) B(e) = 1500(1.014)* (c) What is the monthly interest rate? (Round your answer to one decimal place.) 1.4 (d) What is the yearly interest rate? (Round your answer to one decimal place.) 16.8 x % (e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 19. How large a college fund will she have? (Round your answer to the nearest cent.) s 49 () How long does it take your money to double in value? (Round your answer to two decimal places.) 16.8 X months How much longer does it take it to double in value again? (Round your answer to two decimal places.) months
Transcribed Image Text:You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance $1500.00 $1521.00 $1542.29 $1563.88 $1585.77 $1607.97 (a) How much money was originally invested? $ 1500 (b) Show that the data are exponential. (Round your answer to three decimal places.) Each successive ratio of new/old is 1.014 which shows that the data-is exponential. Find an exponential model for the account balance. (Let t be the time in months and B the savings balance in dollars. Round your parameters to three decimal places.) B(e) = 1500(1.014)* (c) What is the monthly interest rate? (Round your answer to one decimal place.) 1.4 (d) What is the yearly interest rate? (Round your answer to one decimal place.) 16.8 x % (e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 19. How large a college fund will she have? (Round your answer to the nearest cent.) s 49 () How long does it take your money to double in value? (Round your answer to two decimal places.) 16.8 X months How much longer does it take it to double in value again? (Round your answer to two decimal places.) months
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
SEE MORE TEXTBOOKS