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This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 1, does your retirement account experience linear or exponential growth? O Linear Exponential X How much will you have under retirement option 1 at age 55? (Round your answer $ 3455963.79 X How much will you have under retirement option 1 at age 65? (Round your answer $106449.74 X the nearest cent.) the nearest cent.)

This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 1, does your retirement account experience linear or exponential growth? O Linear Exponential X How much will you have under retirement option 1 at age 55? (Round your answer $ 3455963.79 X How much will you have under retirement option 1 at age 65? (Round your answer $106449.74 X the nearest cent.) the nearest cent.)

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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This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 1, does your retirement account experience linear or exponential growth? O Linear Ⓒ Exponential How much will you have under retirement option 1 at age 55? (Round your answer to the nearest cent.) $3455963.79 X How much will you have under retirement option 1 at age 65? (Round your answer to the nearest cent.) $106449.74 X
Transcribed Image Text:This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 1, does your retirement account experience linear or exponential growth? O Linear Ⓒ Exponential How much will you have under retirement option 1 at age 55? (Round your answer to the nearest cent.) $3455963.79 X How much will you have under retirement option 1 at age 65? (Round your answer to the nearest cent.) $106449.74 X
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