SOLUTION: The table below shows a person's bank account balance for 5 years. Year 1998 1999 2000 2001 2002 2003 Balance ($) 9,000.00 9,270.00 9,548.10 9,834.54 10,129.58 10,433.

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: The table below shows a person's bank account balance for 5 years. Year 1998 1999 2000 2001 2002 2003 Balance ($) 9,000.00 9,270.00 9,548.10 9,834.54 10,129.58 10,433.      Log On


   

Question 884530: The table below shows a person's bank account balance for 5 years.


Year
1998 1999 2000 2001 2002 2003
Balance ($)
9,000.00 9,270.00 9,548.10 9,834.54 10,129.58 10,433.47

a) Find an exponential model for this data, with t = 0 corresponding to 1998
B(t) =
b) Find this person's balance in 2010 if it continues to grow at the same rate
$
c) Estimate the year in which this person's account balance will reach $27000
I'm not sure where to begin this problem. I think I need it in the format B(t)= x^t but I'm not sure.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Using EXCEL,
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a)B%28t%29=9000e%5E%280.0296t%29
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b)2010 would be year 12.
B%2811%29=9000e%5E%280.0296%2A12%29=12838.19
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c) 9000e%5E%280.0296t%29=27000
e%5E%280.0296t%29=3
0.0296t=ln%283%29
t=ln%283%29%2F0.0296
t=37 years
That would be 2035.