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The table shows the balance of a money market account over time. Write a function that represents the balance y (in dollars) after t years.
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The table shows the balance of a money market account over time. Write a function that represents the balance y (in dollars) after t years.

The table shows the balance of a money market account over time. Write a function-example-1
User Timo Huovinen
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6 votes

9514 1404 393

Answer:

y = 2200(1.08^t)

Explanation:

The interest earned the first year is ...

(2376 -2200)/2200 = 0.08 = 8%

The balances the remaining years are consistent with that interest being compounded annually. An appropriate function is ...

y = 2200(1.08^t)

_____

The compound interest formula is ...

A = P(1 +r/n)^(nt) . . . . principal P earning rate r compounded n times per year for t years

User AXMIM
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