SOLUTION: Exponential Regression The table below shows the value, V, of an investment (in dollars) after n years. n 0 3 7 12 14 19 V(n) 2300 2391.96 2641.98 3004.46 3034.8 3183.13 Use yo

Question 966057: Exponential Regression
The table below shows the value, V, of an investment (in dollars) after n years.
n 0 3 7 12 14 19
V(n) 2300 2391.96 2641.98 3004.46 3034.8 3183.13
Use your calculator to determine the exponential regression equation that models the set of data above. Round the "a" value to two decimals, and round the "b" value to three decimals. Use the indicated variables and proper function notation.
V(n) =2308.43(1.019)^n I was able to solve this part of the problem

Based on the your regression model, what is the percent increase per year?
1.9% I was able to solve this part of the problem
Find V(20). Round your answer to two decimal places.
V(20) = I came up with $3,243.61

How long will it take for the value of this investment to reach $11,500? Round your answer to two decimal places.
V(n) = 11500 when n =
I wasn't able to solve this part of the problem
How long will it take for the value of the investment to double? Round your answer to two decimal places.
V(n) has doubled when n =
I wasn't able to solve this part of the problem

Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
How long will it take for the value of this investment to reach $11,500? Round your answer to two decimal places.

Use logs to isolate the exponent.

It will take roughly 85.32 years

Side note: the reason why it takes so long is because the interest rate is quite dismal. The interest rate of 1.9% is very very small compared to better investments out there.

--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------

I'll let you do the second part. You simply plug in V(n) = 4600 (since 2,300*2 = 4,600) and solve for n using logs. The steps are similar to above because you'll also use logs to isolate n.

If you need help with the second part, then let me know.
RELATED QUESTIONS
The table below shows the value,V, of an investment (in dollars) n years after 1994. (answered by Theo)

Linear Regression The table below shows the value, V , of an investment (in... (answered by math_tutor2020)

The value,$V, of a house n years after it was built is given by the formula V =... (answered by MathLover1,ikleyn)

Math Encrypt the message “BYE” using the encryption e equals left parenthesis 5 m... (answered by math_tutor2020)

MAT 145: Topics In Contemporary Math QUESTION 12 Convert the message (answered by ikleyn)

MAT 145: Topics In Contemporary Math QUESTION 12 Convert the message... (answered by greenestamps)

Bill places $10,000 in an investment account earning an annual rate of 5.1% compounded... (answered by texttutoring)

The population of a certain city was 110,000 in 2014, and the observed doubling time for... (answered by Theo)

please help me solve this problem. if you purchase an item for business use, in preparing (answered by jim_thompson5910)