The following table gives the value of an investment, after intervals ranging from 0 to 7 years, of $70,000 invested at 10%, compounded annually. Year y = 0 1 2 3 4 5 6 7 Amount Investment Grows to 70,000.00 77,000.00 84,700.00 93,170.00 102,487.00 112,735.70 124,009.27 136,410.20 (a) Develop an exponential model for these data, accurate to four decimal places, with x in years and y in dollars. (b) Use the model to find the amount to which $70,000 will grow in 40 years if it is invested at 10%, compounded annually. (Round your answer to two decimal places.) $

The following table gives the value of an investment, after intervals ranging from 0 to 7 years, of $70,000 invested at 10%, compounded annually. Year y = 0 1 2 3 4 5 6 7 Amount Investment Grows to 70,000.00 77,000.00 84,700.00 93,170.00 102,487.00 112,735.70 124,009.27 136,410.20 (a) Develop an exponential model for these data, accurate to four decimal places, with x in years and y in dollars. (b) Use the model to find the amount to which $70,000 will grow in 40 years if it is invested at 10%, compounded annually. (Round your answer to two decimal places.) $

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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