A single deposit of $1000 is to be made into a savings account, and the interest (compounded

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A single deposit of $1000 is to be made into a savings account, and the interest (compounded continuously) is allowed to accumulate for 3 years. Therefore, the amount at the end of t years is 1000ert.

(a) Find an expression (involving r) that gives the average value of the money in the account during the 3-year time period 0 ≤ t ≤ 3.

(b) Find the interest rate r at which the average amount in the account during the 3-year period is $1070.60.

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Calculus And Its Applications

ISBN: 9780134437774

14th Edition

Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar

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Question Posted: Mar 28, 2023 12:42 AM

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A single deposit of $1000 is to be made into a savings account, and the interest (compounded

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Calculus And Its Applications

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