The balance of an interest-bearing account can be modeled by an exponential equation. For example, consider an initial deposit of $10000 at an annual interest rate of 5%. The Interest earned each year is deposited into the account at the end of the year. A. Assuming that no withdrawals or deposits are made, write an equatlon that models the account balance after x years. Your answer B. What is the account balance at the end of the 7 years? Your answer
The balance of an interest-bearing account can be modeled by an exponential equation. For example, consider an initial deposit of $10000 at an annual interest rate of 5%. The Interest earned each year is deposited into the account at the end of the year. A. Assuming that no withdrawals or deposits are made, write an equatlon that models the account balance after x years. Your answer B. What is the account balance at the end of the 7 years? Your answer
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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E Constructed Response
The balance of an interest-bearing account can be modeled by an exponential equetion. For example,
an annual interest rate of 5%. The Interest eaned each year is
consider an initial deposit of $10000
deposited into the account at the end of the year.
A. Assuming that no withdrawals or deposits are made, wrlte an equatlon that
models the account balance after x years.
Your answer
B. What Is the account balance at the end of the 7 years?
Your answer
C. Create a graph that shows the Increase in the account balance over the next
15 years, Including your Initlal deposit.
Your answer
D. Using the graph, estimate how many years It will take for the initial deposit to
double,
Your answer
E. If you deposited $5000
an account of this type.
would the account
balance be when you are 50 years old assuming that you are 20 years of age
right now?
Your answer
OCT
19
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