(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) = (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.) %

(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) = (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.) %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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