Register

You deposit $100 in an investment account that earns 3% annual interest compounded monthly. a. Write a function m that represents the balance (in dollars) of the investment acco…

You deposit $100 in an investment account that earns 3% annual interest compounded monthly. a. Write a function m that represents the balance (in dollars) of the investment acco…
192k views
1 vote
You deposit $100 in an investment account that earns 3% annual interest compounded monthly.

a. Write a function m that represents the balance (in dollars) of the investment account after t years.
m(t)=

You deposit $100 in an investment account that earns 3% annual interest compounded-example-1
User Calvein
by
8.0k points

1 Answer

2 votes
A. m(t)=100(1+0.03)^t

B. m(5)=100(1.03)^5

m(5)=115.9 or 116 rounded up
User Sdgfsdh
by
7.6k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!