Question

Shari deposited $2,500 in an account in the merrick national bank, earning 2.4%

interest, compounded annually. she made no deposits or withdrawals. write an equation
that can be used to find b, her account balance after t years.

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$2500\\ r=rate\to 2.4\%\to (2.4)/(100)\dotfill &0.024\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\end{cases} \\\\\\ A=2500\left(1+(0.024)/(1)\right)^(1\cdot t) \implies A=2500(1.024)^t~\hfill b=2500(1.024)^t`