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March 28, 2015

Homework Help: Math

Posted by Anne on Thursday, February 9, 2012 at 1:57am.

The associated exponential model for the value of a deposit after t years is
A(t) = 7000(1 + (0.0394/12))^12t.
At the start of which year will an investment of $7,000 made at the beginning of 2007 first exceed $11,000? (Round your answer the nearest whole number.)

I don't quite understand the question, but multiplying it out I got:
If t=1 then the answer 7280
If t=2 then the answer 14561.7

I don't understand the amount of years. How do I calculate that?

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