Investments Refer to Exercise 84. At the start of which year will an investment of $4,000 made at the beginning of 2007 first exceed $6,000?
Exercise 84:
Investments In 2007, ING Direct was offering 4.14% interest on its online Orange Savings Account, with interest reinvested quarterly. 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 end of 2015? (Answer to the nearest $1.) HINT [See Example 9; you saw this exercise before in Section 1.2.]
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