College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter 4, Exponential and Logarithmic Functions - Section 4.2 - The Natural Exponential Function - 4.2 Exercises - Page 379: 32

Answer

see an explanation

Work Step by Step

The formula for monthly compounded Interest is, $A(t)=Pe^{rt}$ whereas, $P=Initial-Investment$, $r=rate$, $e=natural-logarithm's-constant-base$ and $t=time$. Therefore, for $P=5000,$ $t=10-year$. Thus, The Table is as follows: $\begin{array}{ll} Rate & Amount\\ \%1 & 7736.2\\ \%2 & 8549.82\\ \%3 & 9449.01\\ \%4 & 10442.77\\ \%5 & 11541.05\\ \%6 & 12754.83 \end{array}$
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