A customer invests $⁢55,000 in a certificate of deposit. It compounds 3.9% interest daily and has a final value of $⁢58,313.29 Write an exponential equation and use a graphing calculator to find x , the time in years it will take to reach this amount. Round to the nearest tenth if necessary.

Question

Revolt · Accepted Answer

1 point 5 years

Exponential Equations in Financial Contexts — Quiz

A customer invests $⁢55,000 in a certificate of deposit. It compounds 3.9% interest daily and has a final value of $⁢58,313.29 Write an exponential equation and use a graphing calculator to find x , the time in years it will take to reach this amount. Round to the nearest tenth if necessary.

Explanation

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