Question

I AM GONNA CRY PLEASE PLEASE HELP ME

You invest $5,000 dollars in an account at 1.6% interest and interest is compounded
annually (once a year).
a) Write an equation that shows the amount of money you have after x years.
b) How much money would you have after 15 years?

Answer 1

girlie u gotta chill

Step-by-step explanation:

Answer 2

Part (a)

Answer: y = 5000(1.016)^x

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Step-by-step explanation:

You use the compound interest formula

A = P(1 + r/n)^(n*t)

where

• A = final amount after t years
• P = amount deposited (principal) = 5000
• r = decimal form of interest rate = 0.016
• n = number of times we compound per year = 1
• t = number of years = x, some unknown number

After plugging those values in, you would go from A = P(1 + r/n)^(n*t) to

A = P(1 + r/n)^(n*t)

A = 5000(1 + 0.016/1)^(1*x)

A = 5000(1.016)^x

Since you're using x for the input, it's possible your teacher wants you to use y for the output. So replace A with y to get y = 5000(1.016)^x

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Part (b)

Answer: 6344.18 dollars

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Step-by-step explanation:

Plug x = 15 into the equation we found back in part (a). Use your calculator to simplify. Round to the nearest hundredth which is rounding to the nearest penny.

y = 5000(1.016)^x

y = 5000(1.016)^15

y = 6344.1818561953

y = 6344.18