SOLUTION: As a newborn in 1949, Hal's grandparents gave him a gift of $1000 in a savings account with a simple interest rate of 4% per year. As Hal aged, his gift grew and he withdrew the m

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Question 846201: As a newborn in 1949, Hal's grandparents gave him a gift of $1000 in a savings account with a simple interest rate of 4% per year. As Hal aged, his gift grew and he withdrew the money so he could transfer it to his sons. The growth of his account can be modeled by the equation y=1000(1.04)*x Where y is the value of the account and x is the number of years. Which of the following dollar ammounts is reasonable given the bounds of the parameters?
(a) $135,000
(b) $359,000
(c) $2,550,000
(d) $50,000
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,

At 50 years old .. amount would be  = $52,000

 

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