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MAT 1445 - Logarithm WS 1. Suppose you won the lottery and decided to invest your winnings instead of spending them.You put $50,000 into an
MAT 1445 - Logarithm WS
1. Suppose you won the lottery and decided to invest your winnings instead of spending them.You put $50,000 into an account that pays 4.25% simple interest per year.
a) Write the equation that shows the balance after t years.
b) Is this equation linear or exponential?
c) How much is in the account after 10 years?
d) How many years until the balance reaches $70,000?
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