samantha7923
Answered

Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Join our platform to connect with experts ready to provide precise answers to your questions in different areas. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

You put $425 Into a savings account that earned 8% annual interest compounded quarterly a) Write a function that represents the balance of the account after t years. b) How much money will you have in the account after 6 years? (Be sure to round appropriately, this is money!) ​

Sagot :

sqdancefan

9514 1404 393

Answer:

  a)  f(t) = 425(1.02)^(4t)

  b)  $683.59

Step-by-step explanation:

a) The compound interest formula is ...

  A = P(1 +r/n)^(nt)

giving the balance A of an investment of principal P for t years at annual rate r compounded n times per year.

We have P = 425, r=0.08, and n=4, so we can write the function f(t) as ...

  f(t) = 425(1+0.08/4)^(4t)

  f(t) = 425(1.02)^(4t)

__

b) The balance after 6 years is ...

  f(6) = 425(1.02^(4·6)) = 425(1.02^24) = 683.59

The account balance after 6 year will be $683.59.

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.