Friday
May 24, 2013

# Homework Help: Calculus

Posted by Hester on Thursday, July 12, 2012 at 1:03am.

Using the sequence below, write out a formula for the balance in the account n years after December 1996:

Years Balance

1996 = \$20,000
1997 = \$22,000
1998 = \$24,200
1999 = \$26,620
2000 = \$29,282

r = 1.1
and 2006 = 51,874.8492

Thanks

• Calculus - drwls, Thursday, July 12, 2012 at 2:05am

Let B(n) equal tha balance after n years.
Since the balance increases 10% per year,

B(n) = 20,000*(1.1)^n

Check: At the end of 4 years B(4) is
20,000*1.1^4 = 29,282

At the end of 10 years, the balance is B(10) = 51,874.85

Related Questions

math - a bank account earns 7% annual interest compounded continuously. you ...
math - Suppose your business has a special checking account used just for paying...
math - Suppose that you have \$12,500 to invest over a 4 year period. There are ...
Math - Please help me to solve it, today is mydue day ! Suppose an individual ...
Annuities - Vic French mad deposits of 5000 at the end of each quarter to book ...
Annuities and sicking funds - Janet Woo decided to retire to fla. in 6 years. ...
algebra - A charitable fund's balance is modeled by y = -4.1x^2 + 7.1x + 145...
Math - Suppose your parents deposited \$1500 in an account paying 3.5% interest ...
Math - Suppose your parents deposited \$1500 in an account paying 3.5% interest ...
math find balance compound interest - i need help i need to find the balance in ...