SOLUTION: You deposit $1000 into an account that pays 4.8% interest compounded quarterly. A. Write an exponential function to model the amount of money in your savings. B. How much will yo

Question 405524: You deposit $1000 into an account that pays 4.8% interest compounded quarterly.
A. Write an exponential function to model the amount of money in your savings.
B. How much will you have in your account after 1 year? 2years?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
You deposit $1000 into an account that pays 4.8% interest compounded quarterly.
A. Write an exponential function to model the amount of money in your savings.
FV = 1000*(1 + 0.012)^(4n) n = number of years.
FV = 1000*1.012^(4n)
B. How much will you have in your account after 1 year?
1000*1.102^4 =~ $1048.87
2years?
1000*1.102^8 =~ $1100.13
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