Solve the Problem $\mathrm { A } = 5,300 \mathrm { e } ^ { 0.045 \mathrm { t } }$

question 297

Multiple Choice

Solve the problem.
-The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. The value of your investment t years after 2000 is given by the exponential
Growth model A $\mathrm { A } = 5,300 \mathrm { e } ^ { 0.045 \mathrm { t } }$ . How much did you initially invest in the account?

• A) $2,650.00
• B) $5,543.95
• C) $238.50
• D) $5,300.00

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Definitions:

Cheques

Written orders to banks to pay a specific amount of money from the writer's bank account to the person or entity named on the cheque.

Daily Interest Rate

Daily Interest Rate refers to the percentage of interest that is calculated on a daily basis for financial products like loans or savings accounts.

Cheques

Documents that are written, dated, and signed, instructing a bank to pay a particular amount of money either to the holder or to an individual named in the document.

Daily Interest Rate

The rate at which interest accumulates on a financial instrument on a daily basis, often used for savings accounts, loans, and credit cards.