Question

Alegbra Help3. A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.

(a) Write an equation to represent the amount of money in the account as a function of time in years.
(b) Find the amount of time it takes for the account balance to reach $800. Show your work.

Answer 1

a) 500 × (1.015)^t = f(t)

b)
500 × (1.015)^t = 800 divide by 500
(1.015)^t = 1.6 solve for t
t ≈ 31.57 years