Question

Robin invests $3,210 in an account that is compounded annually and pays

an interest of 3.4% each year. By what factor is the investment
increasing every year?

Answer 1

To find the factor by which Robin's investment is increasing every year, we can use the formula for compound interest. In this case, Robin's investment is increasing by a factor of approximately $118.74 every year.

Step-by-step explanation:

To find the factor by which Robin's investment is increasing every year, we can use the formula for compound interest:

A = P(1+r)^t

Where:

A = the future value of the investment

P = the principal amount invested

r = the annual interest rate (expressed as a decimal)

t = the number of years

In this case, Robin invested $3,210 at an interest rate of 3.4% per year, so we have:

A = 3,210(1+0.034)^1 = $3328.74

The investment is increasing by a factor of approximately $118.74 every year.

Answer 2

the factor is an increasing value of 17/332 or the power of pointed answers of interest of 3.4% which makes it aroujd 2 but doesnt matter because its the factor and not issued investment

Step-by-step explanation: