Concept explainers
An investment of $8000 in a certain Certificate of Deposit
where
To find the amount available for withdrawal from an CD(certificate of deposit ) after 28 years .
Answer to Problem 14P
The required amount that can be withdrawal after 28 years =$128000
Explanation of Solution
Given :
Here he has given that the deposited amount $8000 in CD that doubles within
Seven(7) years
And the function that models the growth of the investment is given by
Formula used:
Here the formula used is
Where x is the number of doubling periods
Calculation:
So using the above formula,
He will calculate the invested amount after 28 years
Since our amount double in seven years and we have to calculate amount after 28 years .
Hence x=28/7
=4 is the number of doubling period.
So in the above formula,put x=4 we get the answer
Conclusion:
Hence the invested amount after 28 years will be =$128000
Chapter 7 Solutions
High School Math 2012 Common-core Algebra 1 Practice And Problem Solvingworkbook Grade 8/9
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