The amount of money that needs to be deposited into an

Last updated: 3/28/2023

The amount of money that needs to be deposited into an account to reach some future goal is called the present value The following table gives the present value to the nearest dollar for an account that earns 10 compounded annually so that the account value will be 50 000 after intervals ranging from 1 to 7 years Present value 45 455 41 322 37 566 34 151 Years 1 2 3 4 5 6 7 31 046 28 224 26 658 a Using x as the years and y as the present value in dollars develop an exponential model for these data Round your numerical values to four decimal places b Use the model to find the present value to the nearest dollar of this account for its value to be 50 000 after 11 years