In a certain bank account, after 10 months, the amount of money is given by the function S(t) = S0e^10r , where S0 is the initial deposit, and r is the interest rate. When the interest rate is 3%, the amount of money after 10 months is $6,450. When the interest rate is 4.2% the amount of money after 10 months is $7,590. What property of this function guarantees that there is an interest rate between 3% and 4.2% that gives $7,000 in the account?
In a certain bank account, after 10 months, the amount of money is given by the function S(t) = S0e^10r , where S0 is the initial deposit, and r is the interest rate. When the interest rate is 3%, the amount of money after 10 months is $6,450. When the interest rate is 4.2% the amount of money after 10 months is $7,590. What property of this function guarantees that there is an interest rate between 3% and 4.2% that gives $7,000 in the account?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
Problem 1CYU
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In a certain bank account, after 10 months, the amount of money is given by the function S(t) = S0e^10r , where S0 is the initial deposit, and r is the interest rate.
When the interest rate is 3%, the amount of money after 10 months is $6,450. When the interest rate is 4.2% the amount of money after 10 months is $7,590. What property of this function guarantees that there is an interest rate between 3% and 4.2% that gives $7,000 in the account?
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