Eli invested $ 330 $330 in an account in the year 1999, and the value has been growing exponentially at a constant rate. The value of the account reached $ 590 $590 in the year 2007. Determine the value of the account, to the nearest dollar, in the year 2009.

The value of the account in the year 2009 will be $682.

Step-by-step explanation:

The acount's balance, in t years after 1999, can be modeled by the following equation.

In which A(t) is the amount after t years, P is the initial money deposited, and r is the rate of interest.

$330 in an account in the year 1999

This means that

$590 in the year 2007

2007 is 8 years after 1999, so P(8) = 590.

We use this to find r.

Applying ln to both sides:

Determine the value of the account, to the nearest dollar, in the year 2009.

2009 is 10 years after 1999, so this is A(10).

The value of the account in the year 2009 will be $682.

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step-by-step explanation:

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