Refer to the previous question.Approximately how much money would be in your account after the third year?(Assume that you do not make any additional deposits or withdrawals.)

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asked Jul 1, 2023 35.9k views

1 Answer

Syakur Rahman · Answer 1 · 2023-07-07T01:58:19+0000

The amount of money in the account after t years is given by the function

$f(t)=1000\cdot(1.12)^t$

We want to evaluate how much money would be in your account after the third year, to do it we must put t = 3 in our function, then

$\begin{gathered} f(t)=1000\cdot(1.12)^t \\ \\ f(3)=1000\cdot(1.12)^3 \\ \\ f(3)=1000\cdot1.404928 \\ \\ f(3)=1404.928 \end{gathered}$

And we can approximate to

$\$1404.93$