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 $1700.00 1 $1727.20 2 $1754.84 3 $1782.92 4 $1811.45 5 $1840.43 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) = (c) What is the monthly interest rate? (Round your answer to one decimal place.) % (d) What is the yearly interest rate? (Round your answer to one decimal place.) %
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 $1700.00 1 $1727.20 2 $1754.84 3 $1782.92 4 $1811.45 5 $1840.43 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) = (c) What is the monthly interest rate? (Round your answer to one decimal place.) % (d) What is the yearly interest rate? (Round your answer to one decimal place.) %
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 | $1700.00 |
| 1 | $1727.20 |
| 2 | $1754.84 |
| 3 | $1782.92 |
| 4 | $1811.45 |
| 5 | $1840.43 |
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) =
(c) What is the monthly interest rate? (Round your answer to one decimal place.)
%
(d) What is the yearly interest rate? (Round your answer to one decimal place.)
%
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