Explanation Given: The following table shows the balance in a saving account, in dollars, in terms of time, measured as the number of years since the initial deposit was made. Time Balance 0 250.00 1 262.50 2 275.63 3 289.41 4 302.43 5 316.04 6 330.26 Table ( 1 ) Approach: The model is considered to be exponential if the successive ratios are equal. Successive ratio = New value Old value The growth rate is given by, a = 1 + r … ( 1 ) Here, a is the growth factor and r is the yearly growth rate. Calculation: Let B ( t ) be the balance in the saving account in dollars as a function of time t in years. The successive ratios are shown in below table. Time Increment Successive Ratios 0 to 1 262.50 250.00 = 1.050

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN: 9781337515610

Author: Crauder

Publisher: Cengage

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The growth of account in terms of interest rate.

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Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

Ch. 4.1 - TEST YOUR UNDESTANDING| FOR EXAMPLE 4.1...Ch. 4.1 - TEST YOUR UNDERSTANDING| FOR EXAMPLE 4.2 In a...Ch. 4.1 - Prob. 3TU Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...

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The growth of account in terms of interest rate.

Solution Summary: The author explains the growth rate of a saving account in terms of interest rate. The model is considered exponential if the successive ratios are equal.

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The growth of account in terms of interest rate.

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