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In this last section of this chapter we have to look at some applications of exponential & logarithm functions.
Compound Interest
This first application is compounding interest & there are in fact two separate formulas which we'll be looking at here. Let's get first those out of the way.
If we were to put P dollars in an account which earns interest at a rate of r (written as a decimal) for t years (yes, it have to be years) then,
1. if interest is compounded m times per year we will have t m
A = P (1 + (r /m)tm
dollars after t years.
2. if interest is compounded continuously then we will have
A = Pert
9x-3y=24;7x-3y=20
c/6 - 1/2 = 3
Scenario: A client comes to you for investment advice on his $500,000 winnings from the lottery. He has been offered the following options by three different financial institutions
The population of a city was 141 thousand in 1992. The exponential growth rate was 1.6% per year. Find the exponential growth function in terms of t,where t is the number of years
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The title of this section is perhaps a little misleading. The title appears to imply that we're going to look at equations which involve any radicals. However, we are going to li
find c when t=7
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Write the inverse function of: f(x)=4x-1
ue Week 7 and worth 55 points Five (5) years ago, you bought a house for $171,000, with a down payment of $30,000, which meant you took out a loan for $141,000. Your interest rate
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