Question

13. A bank account balance starts with $100, has an annual growth

rate of 4%. The equation to describe the account balance is
0.04t
f(t)= 100e
a) How much money is in the account after 0 years?
b) How much money is in the account after 12 years?

Answer 1

See below

Explanation:

I THINK this is an account with continuous compouding,

then the balance after 't' years is 100 e^(.04 t)

at 0 years 100 e^(.04*0) = 100 dollars

12 years 100 e^(.04 * 12 ) = 161.61 dollars