document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1068156>Question 1068156</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Jennifer starts a new investment account that grows exponentially. Her financial advisor tells her the initial investment of $50,000 grows at a rate of about 15% annually.<BR>\n" );
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document.write( "1. Determine a function, I(t), that determines Jennifer’s investment account balance after t years. For the exponential growth function, what are the “a” and “b” values? What do those values represent? (5 points for the explanation of “a” and “b” and 5 points for the function)<BR>\n" );
document.write( "answer:15000*&#8203;(1+&#8203;0.15)&#8203;t<BR>\n" );
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document.write( "2. Calculate how much money Jennifer will have after 10 years. (10 points)<BR>\n" );
document.write( "answer:$60683.366036<BR>\n" );
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document.write( "3. What if Jennifer was able to deposit $100,000 as her initial investment, instead of $50,000.<BR>\n" );
document.write( "Write a new function, N(t), to show this change. (3 points)<BR>\n" );
document.write( "answer:100000*&#8203;(1+&#8203;0.15)&#8203;t	<BR>\n" );
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document.write( "Calculate how much money Jennifer would have after 8 years. (2 points)<BR>\n" );
document.write( "answer:$305902.286254		<BR>\n" );
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document.write( "Using complete sentences, compare the differences in the functions and the amount of money after 8 years for the two different functions. (5 points)<BR>\n" );
document.write( "answer:?? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #683313 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=683313\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> y=ab^x, where a here is the amount deposited, and x is the number of compoundings.<BR>\n" );
document.write( "I'd round to two decimal places, since it is money.<BR>\n" );
document.write( "The figures are correct.<BR>\n" );
document.write( "The second is more than the first because more was deposited.<BR>\n" );
document.write( "The tripling time of money in years is ln3/interest rate as decimal number, because p/po=e^rt and ln (3), which is the ratio=rt, so ln3/r=t<BR>\n" );
document.write( "here in 10 years ln3/.15=7.32 years so that tripling just occurs for the second, but the first has quadrupled.<BR>\n" );
document.write( "Quadrupling is doubling of doubling, and the rule of 70 is used there, where 70 over the rate (in per cent) is the doubling time--70/15=4.67 years, so this doubled and again doubled.  That is consistent with $60,000. </SPAN>\n" );
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