14
QuizMath Formula

Exponential Equations in Financial Contexts — Quiz

Question 14 • Financial Math

A customer invests $⁢45,000 in a certificate of deposit. It compounds 4.4% interest monthly and earns the customer $⁢4,131.56 The equation representing the investment is 49,131.56=45,000⁢(1+(0.044)/(12))^12⁢x Use a graphing calculator to find x , the time in years it will take to reach this amount.

Answer

Math Formula Answer:

2

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