A person invests $1,500 into an account that earns 5.65% annual interest compounded monthly. a. Write a function that represents the value of the investment over a given amount of time. b. What is the value of the investment after 10 years? c. What is the value of the investment after 20 years?

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.3: Special Probability Density Functions
Problem 55E
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_57 algebra 1b
Assignment #57– Exponential Growth/Compound Interest
1. A person invests $1,500 into an account that earns 5.65% annual interest compounded monthly.
a. Write a function that represents the value of the investment over a given amount of time.
b. What is the value of the investment after 10 years?
c. What is the value of the investment after 20 years?
d. How long will it take for the value of the investment to be worth $1,400? Round to the nearest year.
2. A person invests $10,000 into an account that earns 7% annual interest compounded weekly.
a.
Write a function that represents the value of the investment over a given amount of time.
b. What is the value of the investment after 5 years?
c. What is the value of the investment after 10 years?
d. How long will it take for the value of the investment to be worth $20,000? Round to the nearest year.
3. A person invests $2,000 into an account that earns 2.25% annual interest compounded daily.
a. Write a function that represents the value of the investment over a given amount of time.
b. What is the value of the investment after 10 years?
c. What is the value of the investment after 20 years?
d. How long will it take for the value of the investment to be worth $5,000? Round to the nearest year.
4. A person invests $50,000 into an account that earns 6.75% annual interest compounded semiannually.
a. Write a function that represents the value of the investment over a given amount of time.
b. What is the value of the investment after 5 years?
c. What is the value of the investment after 25 vears?
d. How long will it take for the value of the investment to be worth $150,000? Round to the nearest year.
Transcribed Image Text:ll Boost Mobile LTE 7:32 PM 21% _57 algebra 1b Assignment #57– Exponential Growth/Compound Interest 1. A person invests $1,500 into an account that earns 5.65% annual interest compounded monthly. a. Write a function that represents the value of the investment over a given amount of time. b. What is the value of the investment after 10 years? c. What is the value of the investment after 20 years? d. How long will it take for the value of the investment to be worth $1,400? Round to the nearest year. 2. A person invests $10,000 into an account that earns 7% annual interest compounded weekly. a. Write a function that represents the value of the investment over a given amount of time. b. What is the value of the investment after 5 years? c. What is the value of the investment after 10 years? d. How long will it take for the value of the investment to be worth $20,000? Round to the nearest year. 3. A person invests $2,000 into an account that earns 2.25% annual interest compounded daily. a. Write a function that represents the value of the investment over a given amount of time. b. What is the value of the investment after 10 years? c. What is the value of the investment after 20 years? d. How long will it take for the value of the investment to be worth $5,000? Round to the nearest year. 4. A person invests $50,000 into an account that earns 6.75% annual interest compounded semiannually. a. Write a function that represents the value of the investment over a given amount of time. b. What is the value of the investment after 5 years? c. What is the value of the investment after 25 vears? d. How long will it take for the value of the investment to be worth $150,000? Round to the nearest year.
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