Ayden invested $560 in an account in the year 1990, and the value has been growing exponentially at a constant rate. The value of the account reached $700 in the year 1994. Determine the value of the account, to the nearest dollar, in the year 2002.
Added by Lourdes R.
Step 1
First, we need to find the growth rate of the account. We know that the value of the account grows exponentially, so we can use the formula: Final Value = Initial Value * (1 + growth rate) ^ number of years Show more…
Show all steps
Close
Your feedback will help us improve your experience
Danielle Fairburn and 86 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Sofia invested $360 in an account in the year 2005, and the value has been growing exponentially at a constant rate. The value of the account reached $420 in the year 2009. Determine the value of the account, to the nearest dollar, in the year 2015.
Aparna S.
Naomi invested $270 in an account in the year 2004, and the value has been growing exponentially at a constant rate. The value of the account reached $300 in the year 2006. Determine the value of the account, to the nearest dollar, in the year 2011.
Natalie B.
An investment was valued at $\$ 11,000$ in the year 1995 . The value appreciated to $\$ 14,000$ by the year 2008 . What was the annual growth rate between 1995 and $2008 ?$ Assume that the value continues to grow by the same percentage. What did the value equal in the year $2012 ?$
Exponential and Logarithmic Functions
Exponential Functions
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD