07_Practice

# 07_Practice - interest rate 3 Assume that the number of...

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MAC 1147 - Quiz #6 Practice Name: For full credit, you must show all work and circle your ﬁnal answer. 1 The interest rate for a bank account is 7.5%. Find the annual percentage yield if interest is compounded: (2 points) (a) Weekly (b) Continuously [Note: “Annual Percentage Yield” (APY) means the actual percentage rate you’ll get. For example, if interest is only compounded once per year, the APY is the same as the interest rate.] 2 A poor graduate student deposits \$100 into his bank account. (2 points) (a) If he has an interest rate of 4%, and his interest is compounded monthly, how many months will it take for his money to double? (b) If his interest is compounded continuously and his money doubles in 10 years, what was his yearly
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Unformatted text preview: interest rate? 3 Assume that the number of cups of coﬀee a graduate student drinks each day increases exponentially. On the ﬁrst day, he drinks 2 cups of coﬀee. On the ﬁfth day, he drinks 20 cups of coﬀee. Find the exponential model y = ae bx modeling this situation, where x is the number of days that have passed, and y is the number of cups of coﬀee the graduate student drinks that day. (1 point) [Note: Once ﬁnding the model with base e , you can simplify it to use a diﬀerent base.] University of Florida Honor Code: On my honor, I have neither given nor received unauthorized aid in doing this assignment. Signature...
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