A bank offers a savings account which pays 3% interest per year. The amount of money in the account after t years is represented by the expression P(1+i/n)^nt, where P represents the initial amount of money invested, n represents the number of times per year the interest rate is compounded, i represents the interest rate, and t represents the number of years the money has been invested. Which statement describes what happens with the savings account when the interest is compounded monthly instead of yearly? Select two that apply.

A. The variable t will change because it is a factor that is multiplied by n.

B. The variable t will not change because it is a factor that is independent of n.

C. The variable i will change because it is a factor that is independent of n.

D. The variable P will not change because it is a factor that is independent of n.

E. The variable P will change because it is multiplied by a factor that is dependent on n.

Question

05-10-2021
Mathematics

Answered

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A bank offers a savings account which pays 3% interest per year. The amount of money in the account after t years is represented by the expression P(1+i/n)^nt, where P represents the initial amount of money invested, n represents the number of times per year the interest rate is compounded, i represents the interest rate, and t represents the number of years the money has been invested. Which statement describes what happens with the savings account when the interest is compounded monthly instead of yearly? Select two that apply.

A. The variable t will change because it is a factor that is multiplied by n.

B. The variable t will not change because it is a factor that is independent of n.

C. The variable i will change because it is a factor that is independent of n.

D. The variable P will not change because it is a factor that is independent of n.

E. The variable P will change because it is multiplied by a factor that is dependent on n.

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