Investments In 2007, E*TRADE Financial was offering 4.94% 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 7 years, how much would a deposit of $5,000 at the beginning of 2007 be worth at the start of 2014? (Answer to the nearest $1.)
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