Question
Ryan invested \$4,800$4,800 in an account in the year 1990, and the value has been growing exponentially at a constant rate. The value of the account reached \$6,300$6,300 in the year 1998. Determine the value of the account, to the nearest dollar, in the year 2007.
Answers
oobleck
why the backslash and duplication? Just type what you want, rather than attempting copy/paste!
It grew by a factor of 63/48 in 8 years. So the annual interest rate is
r = (63/48)^(1/12)
Thus the amount after t years is
A = 4800(1+r)^t
It grew by a factor of 63/48 in 8 years. So the annual interest rate is
r = (63/48)^(1/12)
Thus the amount after t years is
A = 4800(1+r)^t