table below shows the balance B in a savings account, in dollars, in terms of time t, measured as the number of years since the initial deposit was made. Time t Balance B 115.00 0 120.75 126.79 1 2 O No 3 4 Was the yearly interest rate constant over the first four years? Ves 133.13 139.78 If so, find the rate. (Round your answer to two decimal places. If the rate is not constant, enter NONE.) 5.00 % per year Explain why the rate is constant, or why it is not. To determine if the interest rate is constant, we calculate the ratios of new balances to old balances. The data table indicates a constant growth factor. Comment: (b) Estimate B(1.50). (Assume that interested is compounded and deposited continuously. Round your answer to two decimal places.) B(1.50)-144.60 X Explain in practical terms what your answer means. The account balance after one year and six months months is approximately $144.60 X
table below shows the balance B in a savings account, in dollars, in terms of time t, measured as the number of years since the initial deposit was made. Time t Balance B 115.00 0 120.75 126.79 1 2 O No 3 4 Was the yearly interest rate constant over the first four years? Ves 133.13 139.78 If so, find the rate. (Round your answer to two decimal places. If the rate is not constant, enter NONE.) 5.00 % per year Explain why the rate is constant, or why it is not. To determine if the interest rate is constant, we calculate the ratios of new balances to old balances. The data table indicates a constant growth factor. Comment: (b) Estimate B(1.50). (Assume that interested is compounded and deposited continuously. Round your answer to two decimal places.) B(1.50)-144.60 X Explain in practical terms what your answer means. The account balance after one year and six months months is approximately $144.60 X
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![table below shows the balance 8 in a savings account, in dollars, in terms of time t, measured as the number of years since the initial deposit was made.
Time t Balance B
0
115.00
1
120.75
2
126.79
133.13
139.78
3
4
(a) Was the yearly interest rate constant over the first four years?
Ⓒ Yes
O No
If so, find the rate. (Round your answer to two decimal places. If the rate is not constant, enter NONE.)
5.00
% per year
Explain why the rate is constant, or why it is not.
To determine if the interest rate is constant, we calculate the ratios of new
balances to old balances. The data table indicates a constant growth factor.
Comment:
(b) Estimate B(1.50). (Assume that interested is compounded and deposited continuously. Round your answer to two decimal places.)
B(1.50)=144.60
]x
Explain in practical terms what your answer means.
The account balance after one year
and six months
months is approximately $144.60
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F553906da-82bd-41e3-880f-b643792cb689%2F1fd7f92b-5747-443e-99d7-54b8ecc42f1e%2Ffcvr0es_processed.png&w=3840&q=75)
Transcribed Image Text:table below shows the balance 8 in a savings account, in dollars, in terms of time t, measured as the number of years since the initial deposit was made.
Time t Balance B
0
115.00
1
120.75
2
126.79
133.13
139.78
3
4
(a) Was the yearly interest rate constant over the first four years?
Ⓒ Yes
O No
If so, find the rate. (Round your answer to two decimal places. If the rate is not constant, enter NONE.)
5.00
% per year
Explain why the rate is constant, or why it is not.
To determine if the interest rate is constant, we calculate the ratios of new
balances to old balances. The data table indicates a constant growth factor.
Comment:
(b) Estimate B(1.50). (Assume that interested is compounded and deposited continuously. Round your answer to two decimal places.)
B(1.50)=144.60
]x
Explain in practical terms what your answer means.
The account balance after one year
and six months
months is approximately $144.60
X
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