1. Suppose that a couple invested P50,000 in an account when their child was born, to prepare for the child's college education. If the average interest rate is 4.4% compounded annually, (a) give an exponential model for the situation, and (b) will the money be doubled by the time the child turns 18 years old?
1. Suppose that a couple invested P50,000 in an account when their child was born, to prepare for the child's college education. If the average interest rate is 4.4% compounded annually, (a) give an exponential model for the situation, and (b) will the money be doubled by the time the child turns 18 years old?
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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