(a) Let B = 5000(1.06)t give the balance of a bank account after t years. If the formula
Chapter 5, Problem 48(choose chapter or problem)
(a) Let B = 5000(1.06)t give the balance of a bank account after t years. If the formula for B is written B = 5000ekt , estimate the value of k correct to four decimal places. What is the financial meaning of k? (b) The balance of a bank account after t years is given by the formula B = 7500e0.072t . If the formula for B is written B = 7500bt , find b exactly, and give the value of b correct to four decimal places. What is the financial meaning of b?
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