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In 2 0 2 1 , Ally Bank was offering 7 . 2 % interest on a CD ( certificate of deposit ) , with
In Ally Bank was offering interest on a CD certificate of deposit with the interest compounded quarterly.
a Find the associated exponential model for the value of a $ investment after years.
b Rounding your answer to the nearest dollar, how much would a deposit of $ in be worth in
c Use logarithms to determine how long rounding your answer to the nearest year it would take for the $ investment to be worth $
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