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When a deposit of $1000 is made into an account paying 8% interest, compounded annually
Chapter 1, Problem 10(choose chapter or problem)
When a deposit of $1000 is made into an account paying 8% interest, compounded annually, the balance, $B, in the account after t years is given by B = 1000(1.08)t . Find the average rate of change in the balance over the interval t = 0 to t = 5. Give units and interpret your answer in terms of the balance in the account. 1
Questions & Answers
QUESTION:
When a deposit of $1000 is made into an account paying 8% interest, compounded annually, the balance, $B, in the account after t years is given by B = 1000(1.08)t . Find the average rate of change in the balance over the interval t = 0 to t = 5. Give units and interpret your answer in terms of the balance in the account. 1
ANSWER:Step 1 of 3
Given data:
The deposit amount is .
The interest is .
The balance, $B, in the account after t years is given by .