Question

A person invests $4,250 in an account that earns 5.25% interest compounded annually. let f(t) be the value in dollars of the account after t years. give an equation for f f(t)=______. what will be the value of the account after 5 years? round your answer to the nearest cent. $_______. after 10 years? round your answer to the nearest cent $______​

Answer 1

see the answers below

Explanation:

Given data

P=$4,250

Rate= 5.25%

Time= t years

1. The compound interest expression is

A=4250(1+0.0525)^t

A=4250(1.0525)^t

2. P=$4,250

Rate= 5.25%

Time= 5 years

1. The compound interest expression is

A=4250(1+0.0525)^5

A=4250(1.0525)^5

A=4250*1.2915

A=$5488.875

3. P=$4,250

Rate= 5.25%

Time= 10years

1. The compound interest expression is

A=4250(1+0.0525)^10

A=4250(1.0525)^10

A=4250*1.6680

A=$7089