exponential equation #2

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1) An investment account starting with $4,500 earns interest at the annual rate of 4% compounded annually.

a) Determine the function "f" that gives the balance in the account as a function of the time "t" in years.

f(x) = .04t + 4500 (is this right?)

b) What is the balance in the account after 6 years?

$5580 (is this right?)






2) In 1790, Benjamin Franklin willed $1000 to his beloved city of Philadelphia, to be invested at 4% compounded annually, and to be cashed 200 years later by the city. How much money could the city cash in 1990?

$9040 (is this right?)
 
1) An investment account starting with $4,500 earns interest at the annual rate of 4% compounded annually.

a) Determine the function "f" that gives the balance in the account as a function of the time "t" in years.

f(x) = .04t + 4500 (is this right?)

b) What is the balance in the account after 6 years?

$5580 (is this right?)
Click to expand...

the function should be f(x)= (4500) (1.04) ^t
THE FORMULA FOR EXPONENTIAL FUNCTION IS f(x)=ab^x
a= initial
b=base
x=time

B) f(x)= (4500) (1.04) ^6
= $5693.94[/quote]
 
2) In 1790, Benjamin Franklin willed $1000 to his beloved city of Philadelphia, to be invested at 4% compounded annually, and to be cashed 200 years later by the city. How much money could the city cash in 1990?

$9040 (is this right?)
Click to expand...


For the second problem, the equation should be (1000) (1.04)^200
which is 2550749.79

I'm pretty sure that's right, but not completley
 
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