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Repeat the previous exercise to find the formula for the APY of an account that compounds daily. Use the results from this and the previous exercise to develop a function
for the APY of any account that compounds
times per year.
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Recall that an exponential function is any equation written in the form
such that
and
are positive numbers and
Any positive number
can be written as
for some value of
. Use this fact to rewrite the formula for an exponential function that uses the number
as a base.
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In an exponential decay function, the base of the exponent is a value between 0 and 1. Thus, for some number
the exponential decay function can be written as
Use this formula, along with the fact that
to show that an exponential decay function takes the form
for some positive number
.
Let
be the exponential decay function
such that
Then for some number
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The formula for the amount
in an investment account with a nominal interest rate
at any time
is given by
where
is the amount of principal initially deposited into an account that compounds continuously. Prove that the percentage of interest earned to principal at any time
can be calculated with the formula
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Real-world applications
The fox population in a certain region has an annual growth rate of 9% per year. In the year 2012, there were 23,900 fox counted in the area. What is the fox population predicted to be in the year 2020?
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A scientist begins with 100 milligrams of a radioactive substance that decays exponentially. After 35 hours, 50mg of the substance remains. How many milligrams will remain after 54 hours?
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In the year 1985, a house was valued at $110,000. By the year 2005, the value had appreciated to $145,000. What was the annual growth rate between 1985 and 2005? Assume that the value continued to grow by the same percentage. What was the value of the house in the year 2010?
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A car was valued at $38,000 in the year 2007. By 2013, the value had depreciated to $11,000 If the car’s value continues to drop by the same percentage, what will it be worth by 2017?
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Jamal wants to save $54,000 for a down payment on a home. How much will he need to invest in an account with 8.2% APR, compounding daily, in order to reach his goal in 5 years?
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Kyoko has $10,000 that she wants to invest. Her bank has several investment accounts to choose from, all compounding daily. Her goal is to have $15,000 by the time she finishes graduate school in 6 years. To the nearest hundredth of a percent, what should her minimum annual interest rate be in order to reach her goal? (
Hint : solve the compound interest formula for the interest rate.)
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Alyssa opened a retirement account with 7.25% APR in the year 2000. Her initial deposit was $13,500. How much will the account be worth in 2025 if interest compounds monthly? How much more would she make if interest compounded continuously?
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An investment account with an annual interest rate of 7% was opened with an initial deposit of $4,000 Compare the values of the account after 9 years when the interest is compounded annually, quarterly, monthly, and continuously.
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Questions & Answers
If auger is pair are the roots of equation x2+5x-3=0
Wayne and Dennis like to ride the bike path from Riverside Park to the beach. Dennis’s speed is seven miles per hour faster than Wayne’s speed, so it takes Wayne 2 hours to ride to the beach while it takes Dennis 1.5 hours for the ride. Find the speed of both bikers.
from theory: distance [miles] = speed [mph] × time [hours]
info #1
speed_Dennis × 1.5 = speed_Wayne × 2
=> speed_Wayne = 0.75 × speed_Dennis (i)
info #2
speed_Dennis = speed_Wayne + 7 [mph] (ii)
use (i) in (ii) => [...]
speed_Dennis = 28 mph
speed_Wayne = 21 mph
George
Let W be Wayne's speed in miles per hour and D be Dennis's speed in miles per hour. We know that W + 7 = D and W * 2 = D * 1.5.
Substituting the first equation into the second:
W * 2 = (W + 7) * 1.5
W * 2 = W * 1.5 + 7 * 1.5
0.5 * W = 7 * 1.5
W = 7 * 3 or 21
W is 21
D = W + 7
D = 21 + 7
D = 28
Salma
Devon is 32 32 years older than his son, Milan. The sum of both their ages is 54 54. Using the variables d d and m m to represent the ages of Devon and Milan, respectively, write a system of equations to describe this situation. Enter the equations below, separated by a comma.
find product (-6m+6) ( 3m²+4m-3)
what is the solution
bill
how did you arrive at this answer?
bill
i really want to learn
Amira
I only got 42 the rest i don't know how to solve it. Please i need help from anyone to help me improve my solving mathematics please
Amira
Hw did u arrive to this answer.
Aphelele
-6m(3mA²+4m-3)+6(3mA²+4m-3)
=-18m²A²-24m²+18m+18mA²+24m-18
Rearrange like items
-18m²A²-24m²+42m+18A²-18
Salma
complete the table of valuesfor each given equatio then graph.
1.x+2y=3
given that (7x-5):(2+4x)=8:7find the value of x
Nandala
please why isn't that the 0is in ten thousand place
please why is it that the 0is in the place of ten thousand
Grace
Send the example to me here and let me see
Stephen
A meditation garden is in the shape of a right triangle, with one leg 7 feet. The length of the hypotenuse is one more than the length of one of the other legs. Find the lengths of the hypotenuse and the other leg
state in which quadrant or on which axis each of the following angles given measure. in standard position would lie 89°
I am eliacin, I need your help in maths
Rood
hmm can we speak here?
Amoon
however, may I ask you some questions about Algarba?
Amoon
what the last part of the problem mean?
Roger
The Jones family took a 15 mile canoe ride down the Indian River in three hours. After lunch, the return trip back up the river took five hours. Find the rate, in mph, of the canoe in still water and the rate of the current.
Shakir works at a computer store. His weekly pay will be either a fixed amount, $925, or $500 plus 12% of his total sales. How much should his total sales be for his variable pay option to exceed the fixed amount of $925.
I'm guessing, but it's somewhere around $4335.00 I think
Lewis
12% of sales will need to exceed 925 - 500, or 425 to exceed fixed amount option. What amount of sales does that equal? 425 ÷ (12÷100) = 3541.67. So the answer is sales greater than 3541.67.
Check:
Sales = 3542
Commission 12%=425.04
Pay = 500 + 425.04 = 925.04.
925.04 > 925.00
Munster
difference between rational and irrational numbers
When traveling to Great Britain, Bethany exchanged $602 US dollars into £515 British pounds. How many pounds did she receive for each US dollar?
how to reduced echelon form
Jazmine trained for 3 hours on Saturday. She ran 8 miles and then biked 24 miles. Her biking speed is 4 mph faster than her running speed. What is her running speed?
d=r×t
the equation would be 8/r+24/r+4=3
worked out
Sheirtina
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Source:
OpenStax, College algebra. OpenStax CNX. Feb 06, 2015 Download for free at https://legacy.cnx.org/content/col11759/1.3
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