January 2015
Intermediate to advanced
1015 pages
318h 54m
English
Content preview from Algebra and Trigonometry, 5th Edition
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Applications
One of the most frequent applications of exponential functions occurs with compound interest.
Example 4
Compound Interest. The amount of money A to which a principal P will grow after t years at interest rate r (in decimal form), compounded n times per year, is given by the formula
Suppose that $100,000 is invested at 6.5% interest, compounded semiannually.
Find a function for the amount to which the investment grows after t years.
Find the amount of money in the account at , and 10 years.
Graph the function.
Solution
Since ,
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