# With t in years, the formulas for dollar balances of two bank accounts are: (a) Describe in words…

With t in years, the formulas for dollar balances of two bank accounts are:

(a) Describe in words the bank account modeled by f.

(b) Describe the account modeled by g. State the effective annual rate.

(c) What continuous interest rate has the same effective growth rate as f?

(a) Let B = 5000(1.06)t give the balance of a bank account after t years. If the formula for B is written B = 5000ekt , estimate the value of k correct to four decimal places. What is the financial meaning of k?

(b) The balance of a bank account after t years is given by the formula B = 7500e0.072t . If the formula for B is written B = 7500bt , find b exactly, and give the value of b correct to four decimal places. What is the financial meaning of b?

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