SOLUTION: The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. The value of your investment t years a

Algebra ->  Finance -> SOLUTION: The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. The value of your investment t years a      Log On


   

Question 1089080: The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. The value of your investment t years after 2000 is given by the exponential growth model A=2600e^0.045t When will the account be worth $3898?
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+2600%2Ae%5E%28.045t%29+
+A+=+3898+
+3898+=+2600%2Ae%5E%28.045t%29+
+e%5E%28+.045t+%29+=+3898%2F2600+
+e%5E%28+.045t+%29+=+1.4992+
Take the natural log of both sides
+.045t+=+.40495+
+t+=+8.9989+
In 2009 the account will be $3898

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. The value of your investment t years after 2000 is given by the exponential growth model A=2600e^0.045t When will the account be worth $3898?
matrix%281%2C3%2C+A%2C+%22=%22%2C+%222%2C600%22e%5E%28.045t%29%29

matrix%281%2C3%2C+%223%2C898%22%2C+%22=%22%2C+%222%2C600%22e%5E%28.045t%29%29 ----- Substituting 3,898 for A

matrix%281%2C3%2C+.045t%2C+%22=%22%2C+ln+%28%223%2C898%22%2F%222%2C600%22%29%29%29 ------- Converting to LOGARITHMIC (Natural) form



9 years after 2000, or the year 2009 (2000 + 9), the investment will be/was worth $3,898.