Question

Emilia invested 16,950 dollars in a savings account that paid 4.3% interest compounded annually. The function used to represent this investment is

A
(
t
)
=
16950
(
1.043
)
t
where
A
is the accrued value of the savings account in dollars and
t
is the length of the investment in years. Use the function to determine how much money Emilia will have after 15 years.

After 15 years, Emilia will have $ in her savings account.

Answer 1

Approximately $29,609.4 in her savings account.

Explanation:

To determine how much money Emilia will have after 15 years, we can use the given function:

A(t) = 16950 * (1.043)^t

Given:

t = 15 years

Substituting the value into the function:

A(15) = 16950 * (1.043)^15

Calculating the value:

A(15) ≈ 16950 * 1.748

A(15) ≈ 29609.4

Therefore, after 15 years, Emilia will have approximately $29,609.4 in her savings account.