Find the function giving the value of the account

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Reference no: EM131101426

An account earning 8% interest, compounded annually, is opened, and a deposit of $1000 is made into the account.

(a) Find the function giving the value of the account A in terms of the number of years the account has been open, t.

(b) Find the average rate of change in the balance over the interval t = 0 to t = 5. Give units and interpret your answer in terms of the balance in the account.

Reference no: EM131101426

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