Answered

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Daniel invested money in an account where interest is compounded every year. He made no withdrawals or deposits.The function A(t) = 645(1+0.06)^t represents the amount of money in the account after t years. How much money did Daniel originally invest?

Daniel Invested Money In An Account Where Interest Is Compounded Every Year He Made No Withdrawals Or DepositsThe Function At 6451006t Represents The Amount Of class=

Sagot :

An exponential growth can be modeled with the function

[tex]\begin{gathered} y=I(1+r)^t \\ \text{where} \\ I\text{ is the initial value} \\ r\text{ is the rate} \\ t\text{ is the time} \end{gathered}[/tex]

The given function that represents the amount of money in the account after t years is

[tex]\begin{gathered} A(t)=645(1+0.06)^t \\ \\ \text{where we can say that} \\ I=645 \\ r=0.06 \end{gathered}[/tex]

Since the initial value is 645, we can therefore say that the original amount of money Daniel invested is $645.

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