Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

a. Nick deposits money in a Certificate of Deposit account (CD). The balance (in dollars) in his account t years after making the deposit is given by N(t)=400(1.06)tfor t ≥ 0. Explain, in terms of the structure of the expression for N(t), why Nick's balance can never be $399.

Sagot :

fieryanswererft

Answer:

(1.06)0 = 1  and positive powers of 1.06 are larger than 1, thus the minimum value N(t) attains, if t≥0, is 400.

From the point of view of the context, a CD account grows in value over time so with a deposit of $400 the value will never drop to $399.

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.