Investments Refer to Exercise 44. In which year will an investment of $4,000 made at the beginning of 2007 first exceed $6,000?
Exercise 44:
Investments In 2007, ING Direct was offering 4.14% interest on its online Orange Savings Account, with interest reinvested quarterly.26 Find the associated exponential model for the value of a $4,000 deposit after t years. Assuming this rate of return continued for eight years, how much would a deposit of $4,000 at the beginning of 2007 be worth at the start of 2015? (Answer to the nearest $1.)
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