Suppose you deposit $2000 in a bank account that has a doubling time of 19 years. To the nearest $100, what will your balance be
after 5 years?
A. $2400
B. $2500
C. $7600
D. $27,900
2 answers:
The expression for the balance (b) in terms of the number of years (t) can be written as
... b = 2000·2^(t/19) . . . . . . the amount grows exponentially, and is is doubled when t=19
Then for t=5, the balance is
... b = 2000·2^(5/19) ≈ 2400
The best choice is ...
... A. $2400
It B. 2500 _____________________________
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