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The rate of increase of money at a bank is proportional to the amount invested. If the proportionality constant is $5^{1} / 4 \%$ per year, and $\$ 1500$ is invested initially, what is the accumulation at the end of 10 years?

$$2535.69$$

Algebra

Chapter 4

Exponential and Logarithmic Functions

Section 7

Applications of Exponential and Logarithmic Functions

Missouri State University

Oregon State University

Harvey Mudd College

University of Michigan - Ann Arbor

Lectures

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Find the interest rate req…

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The rate of a continuous m…

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INTEREST An investment pay…

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You deposit 500 dollars in…

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Money Flow The rate of a c…

if we have a proportionality constant equal to five and a quarter percent per year, an initial investment equal to 1500 what will that accumulation be after 10 years? Will be using the function you see bubbled in in green right here and this is pretty straight forward. We just need to plug in the information that we have. So a this amount after our 10 years is what we're looking to find just then equal to p arts. Our principal or our initial investment is $1500 Times E. To the power of our rates are proportionality constant being 5.14 in decimal form, which is what we need is 0.0525. So that's going to go in our exponents 0.0525 times T. Which is our 10 years that was given to us. So now what you can see here is that the only variable we're missing is a which on the left hand side so we can just plug in this whole right hand side here into our calculator, and we'll get that amount, or that accumulation after 10 years. which we see is equal to $2,535 and about 69 cents.

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