When a deposit of $1000 is made into an account paying 2% interest, compounded annually, the balance,

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When a deposit of $1000 is made into an account paying 2% interest, compounded annually, the balance, $B, in the account after t years is given by B = 1000(1.02)^t. Find the average rate of change in the balance over the interval t = 0 to t = 5. Give units and interpret your answer in terms of the balance in the account.

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Applied Calculus

ISBN: 9781119275565

6th Edition

Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale

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Question Posted: Apr 08, 2023 07:19 AM

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When a deposit of $1000 is made into an account paying 2% interest, compounded annually, the balance,

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When t 0 we have B 1000102 0 1000 When t 5 we have ...View the full answer

Applied Calculus

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