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 account after t years. m(t)=
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
7.6k 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
7.3k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.8m questions

11.4m answers

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
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!