You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance 0 $1600.00 1 $1619.20 2 $1638.63 3 $1658.29 4 $1678.19 5 $1698.33 (a) How much money was originally invested? $ (b) Show that the data are exponential. (Round your answer to three decimal places.)
You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance 0 $1600.00 1 $1619.20 2 $1638.63 3 $1658.29 4 $1678.19 5 $1698.33 (a) How much money was originally invested? $ (b) Show that the data are exponential. (Round your answer to three decimal places.)
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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You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months.
| Time in months |
Savings balance |
|---|---|
| 0 | $1600.00 |
| 1 | $1619.20 |
| 2 | $1638.63 |
| 3 | $1658.29 |
| 4 | $1678.19 |
| 5 | $1698.33 |
(a) How much money was originally invested?
$
(b) Show that the data are exponential. (Round your answer to three decimal places.)
Find an exponential model for the account balance. (Let t be the time in months and B the savings balance in dollars. Round your parameters to three decimal places.)
$
(b) Show that the data are exponential. (Round your answer to three decimal places.)
Each successive ratio of new/old is____________ , which shows that the data is exponential.
Find an exponential model for the account balance. (Let t be the time in months and B the savings balance in dollars. Round your parameters to three decimal places.)
B(t) =_______________
(f) How long does it take your money to double in value? (Round your answer to two decimal places.)
____________ months
How much longer does it take it to double in value again? (Round your answer to two decimal places.)
____________ months
How much longer does it take it to double in value again? (Round your answer to two decimal places.)
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