Develop an exponential model for the given data

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Reference no: EM131781457

Question: Modeling Compound interest The following table gives the value of an investment, after intervals ranging from 0 to 7 years, of $20,000 invested at 10%, compounded annually.

(a) Develop an exponential model for these data, accurate to four decimal places, with x in years and y in dollars.

(b) Use the model to find the amount to which $20,000 will grow in 30 years if it is invested at 10%, compounded annually.

Reference no: EM131781457

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