Investments Refer to Exercise 83. In November of which year will an investment of $5,000 made in November of 2010 first exceed $5,200? HINT [See Example 5; you saw this exercise before in Section 1.2.]
83. Investments In November 2010, E*TRADE Financial was offering only 0.3% interest on its online savings accounts, with interest reinvested monthly. Find the associated exponential model for the value of a $5,000 deposit after t years. Assuming this rate of return continued for seven years, how much would a deposit of $5,000 in November 2010 be worth in November 2017? (Answer to the nearest $1.) HINT [See Example 3; you saw this exercise before in Section 1.2.]
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