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Scott invests $1000 at a bank that offers 6% compounded annually. Write an equation to model the growth of the investment.
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Scott invests $1000 at a bank that offers 6% compounded annually. Write an equation to model the growth of the investment.

User David Mohundro
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2 Answers

1 vote
Ircuthbert AmbitiousYou can use A=P(1+(r/n))^(nt)
n=homany times it is compounded a year: 1 annually
t=time in years
r=rate: 6% or .06
A=Final Amount
P=principle amount

A=1000(1+(.06/1))^(1*t)
User Jayx
by
8.3k points
4 votes

Answer:

the answer is A= 1000 (1.06)^t

Explanation:

User Oliver Slay
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