Exponential and Logarithmic Functions
It is All About the Money
Part 1:
You have just come into a large sum of money! You make the wise decision to invest the money to use at a later date. Use the exponential equation to find the total amount in the investment account after a certain number of years.
For your problem:
- Choose an amount between $5,000 and $500,000 forp, the initial amount of money to invest.
- Choose a rate between 2% and 11% forr, the interest rate per year.
- Choose daily, monthly, or yearly forn, the number of times per year the interest will be compounded
- Choose between 5 and 30 years fort, the number of years you will let the account grow.
Tell your classmates what values you have chosen and find the value of the account at the end of the time period.