Question
Anders invested money in a GIC that pays interest compounded annually. The value, y, of his investment, in dollars, can be modelled by the
Anders invested money in a GIC that pays interest compounded annually. The value, y, of his investment, in dollars, can be modelled by the exponential function y = 5000(1.02) * where x is the time, in years, since Anders invested in the GIC. 17. a) Explain what the numerical values for the parameters a and b represent, given the context of this problem. ( b) If Anders invested in a GIC that paid 1.50%/a compounded annually, write the new function without rounding any parameters. c) If Anders invested in a GIC that paid 1.50%/a compounded annually, explain how this would this affect the value of the investment over time?
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Authors: Jeff Madura, Hardeep Singh Gill
4th Canadian edition
134724712, 134724713, 9780134779782 , 978-0134724713
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