Answered

Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Micah invests $5,280 in an account that earns 4.2% interest, compounded monthly. Write function for the amount, that will be in the account after t years. What is the valve of the account after 8 years? A(t) = ________________ after 8 years, the value in the account is ________.

Sagot :

start by writing an expression in the form

[tex]A=p\cdot(1+\frac{r}{n})^{n\cdot t}[/tex]

the p is the principal which is equivalent to the invesment, the r is the interest rate and the n will be equivalent to the number of periods that will be compounded which in this case will be the 12 months

[tex]A=5,280\cdot(1+\frac{0.042}{12})^{12t}[/tex]

now to find the amount on the account after 8 years, replace t as an 8

[tex]A=7384.18[/tex]

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.