Question
In: Advanced Math
The following data represent the amount of money and invenstor has in an investment account each...
The following data represent the amount of money and invenstor has in an investment account each year for 10 years.
a. Let x=number of years since 1994 and find an exponential regression model of the form y=ab* for this data set, where y is the amount in the account x years since 1994.
_________________________
b. If the investor plans on retiring in 2021, what will be the predicted value of this accoutn at that time?
________________________________
c. When will the account be worth $50,000?
d. Make a graph of the scatterplot and exponential model below.
Year value of account
1994 $10,000
1995 $10,573
1996 $ 11,260
1997 $11,733
1998 $12,424
1999 $13,269
2000 $13,698
2001 $14,823
2002 $15,297
2003 $16,539
Solutions
Expert Solution
Note:
to make the calculation easy, I've taken year 1994 as 4, 1995 as 5
and so on.
Colby Messinger answered 1 year agoRelated Solutions
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Account Holder
Amount
Deposited
Annual
Interest Rate
Compounding
Periods Per Year (M)
Compounding
Periods (Years)
Theodore Logan III
$
900
16%
2
6
Vernell Coles
96,000
8
4
2
Tina Elliot
9,000
12
12
6
Wayne Robinson
120,000
10
6
5
Eunice Chung
29,000
18
3
6
Kelly Cravens
13,000
10
1
4
Calculate the amount of money that will be in each of the following accounts at the...
Calculate the amount of money that will be in each of the
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Account Holder
Amount Deposited
Annual
Interest Rate
Compounding
Periods Per Year (M)
Compounding
Periods (Years)
Theodore Logan III
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12%
4
10
Vernell Coles
$96,000
8%
12
3
Tina Elliot
$8,000
12%
6
6
Wayne Robinson
$122,000
10%
1
3
Eunice Chung
$31,000
12%
3
6
Kelly Cravens
$16,000
10%
2
4
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1
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Day
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100
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Calculate the amount of money that will be in each of the following accounts at the end of the given deposit period:
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Account Holder
Amount
Deposited
Annual Interest Rate
Compounding Periods per Year (M)
Compounding Periods (Years)
Theodore Logan TIT
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12
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