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14. You deposit $500 in a savings account that carns 7% interest compouncted anually. A.) write a function that represents the balance after t years B.) What is the balance after…

14. You deposit $500 in a savings account that carns 7% interest compouncted anually. A.) write a function that represents the balance after t years B.) What is the balance after…
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14. You deposit $500 in a savings account that

carns 7% interest compouncted anually.
A.) write a function that represents the balance
after t years
B.) What is the balance after 2 years?

User Gatspy
by
8.4k points

2 Answers

7 votes

Answer:

A) A(t) = 500e^(0.07)(t)

B) 575.137

Explanation:

User Viren V Varasadiya
by
8.4k points
11 votes
A) Balance = 500(1.07)^t
B) Balance after 2 years = 500(1.07)^2 = $572.45
User Ximbal
by
8.3k points
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