30.3k views
2 votes
You deposit $8000 into a savings account that earns 6% interest compounded quarterly.

a) Write a function that represents the balance after t years.
y =
b) What is the balance after 3 years? (round to the nearest penny)
y = $

User Fallen
by
8.8k points

1 Answer

5 votes

Answer:

a) A = 8000(1 + .06/4)^4t

b) $9,564.95

Explanation:

b) A = 8000(1 + .06/4)^12

User Sandrstar
by
7.9k points

No related questions found

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