Question

The expression.1*e^0.0347t models.The balance in thousand of dollars where t represents time.In years after the account was opened. What does the 0.034 represent in this context? Write an expression for the number of years after which there will be 15,000 Dollars in the account?

Answer 1

0.0347 = constant of proportionality

`1 * e^(0.0347t) = 15000`

Explanation:

Given

`1*e^(0.0347t)`

Solving (a): what does 0.0347 represent?

An exponential model is represented as:

`f(t) = a * e^(kt)`

Where:

`k \to` constant of proportionality

So, by comparison:

`k = 0.0347`

Hence:

`0.0347 \to` constant of proportionality

Solving (b): Formula to calculate when balance equals 15000

To do this, we simply equate the formula to 15000.

So, we have:

`1 * e^(0.0347t) = 15000`