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This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 2, does your retirement account experience linear or exponential growth? Linear O Exponential How much will you have under retirement option 2 at age 55? (Round your answer to the nearest cent.) $ How much will you have under retirement option 2 at age 65? (Round your answer to the nearest cent.) $

This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 2, does your retirement account experience linear or exponential growth? Linear O Exponential How much will you have under retirement option 2 at age 55? (Round your answer to the nearest cent.) $ How much will you have under retirement option 2 at age 65? (Round your answer to the nearest cent.) $

Calculus For The Life Sciences
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.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 2, does your retirement account experience linear or exponential growth? O Linear Exponential How much will you have under retirement option 2 at age 55? (Round your answer to the nearest cent.) $ How much will you have under retirement option 2 at age 65? (Round your answer to the nearest cent.) $
Transcribed Image Text:This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you start work, the company immediately deposits $4000 into a savings account. They put an additional $15,000 into the account for each year of service. When you retire, the account will be closed and the balance given to you. Retirement option 2: When you start work, the company immediately deposits $4000 into a savings account that earns an annual interest rate of 14%. When you retire, the account will be closed and the balance given to you. Under retirement option 2, does your retirement account experience linear or exponential growth? O Linear Exponential How much will you have under retirement option 2 at age 55? (Round your answer to the nearest cent.) $ How much will you have under retirement option 2 at age 65? (Round your answer to the nearest cent.) $
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