document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=632680>Question 632680</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I'm not doing very well helping my son understand this problem.\r<BR>\n" );
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document.write( "Michael buys into a mutual fund to save for retirement, but does not add any money after his initial investment. His account balance is $2,700 after three years, $3,290 after five years; $4,030 after seven years; $5,440 after 10 years; and $8,950 after fifteen years. Perform an exponential regression on this data to complete the following items.\r<BR>\n" );
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document.write( "1. What was the amount of Michael's initial investment (to the nearest dollar)?\r<BR>\n" );
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document.write( "2. What (to the nearest tenth of a percent) is his annual rate of return.\r<BR>\n" );
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document.write( "3. What is the projected account balance at Michael's retirement, 35 years after his initial investment (to the nearest dollar)?\r<BR>\n" );
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document.write( "Thank you! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #398413 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=398413\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Michael buys into a mutual fund to save for retirement, but does not add any money after his initial investment. His account balance is $2,700 after three years, $3,290 after five years; $4,030 after seven years; $5,440 after 10 years; and $8,950 after fifteen years. Perform an exponential regression on this data to complete the following items.<BR>\n" );
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document.write( "Paired-data: (3,2700) ; (5,3290) ; (7,4030) ; (10,5440); (15,8950) <BR>\n" );
document.write( "Running an exponential regression on a TI-84 I get:\r<BR>\n" );
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document.write( "y = 2000*1.105^x<BR>\n" );
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document.write( "1. What was the amount of Michael's initial investment (to the nearest dollar)? <BR>\n" );
document.write( "Ans: $2000<BR>\n" );
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document.write( "2. What (to the nearest tenth of a percent) is his annual rate of return.<BR>\n" );
document.write( "Ans: 10.5%<BR>\n" );
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document.write( "3. What is the projected account balance at Michael's retirement, 35 years after his initial investment (to the nearest dollar)?<BR>\n" );
document.write( "f(35) = $65,873<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. <BR>\n" );
document.write( " </SPAN>\n" );
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