Question

Julie is opening a savings account at a bank that offers new clients 0.1% interest compound quarterly. She deposits 1,700 when she opens the account. Write an exponential expression in the form a (b)^c, where b is a single value, to find the amount of money, in dollars, that Will be in the account after t years. Round any decimals to the nearest hundred thousandth and do not include dollar signs in the expression.

Answer 1

1700(1.01)^t*4

you don't want just the interest so you add a 1 to the percentage when you put it into the equation

Answer 2

`A=1700(1.00025)^(4t)`

Explanation:

Julie is opening a savings account at a bank that offers new clients 0.1% interest compound quarterly.

She deposits 1,700 when she opens the account.

Compound interest formula =
`A=P(1+r/n)^(nt)`

P = 1700

r = 0.1% or 0.0001

n = 4

Putting the values in formula, we get

`A=1700(1+0.001/4)^(4t)`

`A=1700(1.00025)^(4t)`

Hence, the amount of money, in dollars, that will be in the account after t years is given by :
`A=1700(1.00025)^(4t)`