When an initial amount of money, A, in dollars, is invested into an account that earns interest continuously, the Future Value of the account after t years is given by the formula: F(t) = Aert, where is the annual interest rate earned by the account. Let A = $19,000 and r = 9.4%. A) What is the value of the account, in dollars, after 9 years? Give your answer rounded to two decimal places. Answer $44275.83 B) What is the exact instantaneous rate of change of the value of the account at exactly 13 years? Give your answer rounded to two decimal places. Answer: 6061.63 dollars per year C) At what time, in years, is the instantaneous rate of change of the value of the account increasing by $53,918.76 per year? If necessary, round your answer to two decimal places. Answer: After 36.25 years. D) What is the average rate of change of the future value of the account between year 9 and year 11 (i.e. slope of the secant line connecting the points)? (Round to the nearest penny/cent.)
When an initial amount of money, A, in dollars, is invested into an account that earns interest continuously, the Future Value of the account after t years is given by the formula: F(t) = Aert, where is the annual interest rate earned by the account. Let A = $19,000 and r = 9.4%. A) What is the value of the account, in dollars, after 9 years? Give your answer rounded to two decimal places. Answer $44275.83 B) What is the exact instantaneous rate of change of the value of the account at exactly 13 years? Give your answer rounded to two decimal places. Answer: 6061.63 dollars per year C) At what time, in years, is the instantaneous rate of change of the value of the account increasing by $53,918.76 per year? If necessary, round your answer to two decimal places. Answer: After 36.25 years. D) What is the average rate of change of the future value of the account between year 9 and year 11 (i.e. slope of the secant line connecting the points)? (Round to the nearest penny/cent.)
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,