The amount of money that needs to be deposited into an account to reach some future goal is called the present value. The following table gives the present value (tothe nearest dollar) for an account that earns 10% compounded annually so that the account value will be $50,000 after intervals ranging from 1 to 7 years.YearsPresent value1$45,45541,32237,566434,15131,0466.28,224726,658(a) Using x as the years and y as the present value (in dollars), develop an exponential model for these data. (Round your numerical values to four decimal places.)y =(b) Use the model to find the present value (to the nearest dollar) of this account for its value to be $50,000 after 11 years.243:07 AM^ G回中12/5/2020P Type here to search|立

a) The amount at compound interest is given by: Amount=Present value1+rtPresent…

The amount of money that needs to be deposited into an account to reach some future goal is called the present value. The following table gives the present value (to the nearest dollar) for an account that earns 10% compounded annually so that the account value will be $50,000 after intervals ranging from 1 to 7 years. Years Present value 1 $45,455 41,322 3 37,566 4 34,151 31,046 28,224 26,658 (a) Using x as the years and y as the present value (in dollars), develop an exponential model for these data. (Round your numerical values to four decimal places.) y = (b) Use the model to find the present value (to the nearest dollar) of this account for its value to be $50,000 after 11 years. 2$

The amount of money that needs to be deposited into an account to reach some future goal is called the present value. The following table gives the present value (to the nearest dollar) for an account that earns 10% compounded annually so that the account value will be $50,000 after intervals ranging from 1 to 7 years. Years Present value 1 $45,455 41,322 3 37,566 4 34,151 31,046 28,224 26,658 (a) Using x as the years and y as the present value (in dollars), develop an exponential model for these data. (Round your numerical values to four decimal places.) y = (b) Use the model to find the present value (to the nearest dollar) of this account for its value to be $50,000 after 11 years. 2$

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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Question

The amount of money that needs to be deposited into an account to reach some future goal is called the present value. The following table gives the present value (to
the nearest dollar) for an account that earns 10% compounded annually so that the account value will be $50,000 after intervals ranging from 1 to 7 years.
Years
Present value
1
$45,455
41,322
37,566
4
34,151
31,046
6.
28,224
7
26,658
(a) Using x as the years and y as the present value (in dollars), develop an exponential model for these data. (Round your numerical values to four decimal places.)
y =
(b) Use the model to find the present value (to the nearest dollar) of this account for its value to be $50,000 after 11 years.
24
3:07 AM
^ G回中
12/5/2020
P Type here to search
|立

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