SOLUTION: you invest $350 that pays a yearly interest rate of 6%
write a formula for an exponential function giving the balance of the account (B) , in dollars , as a function of the time (
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Question 239748: you invest $350 that pays a yearly interest rate of 6%
write a formula for an exponential function giving the balance of the account (B) , in dollars , as a function of the time (t) , in years, since initial investment
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
350 * (1.06)^t = future value of this account.
at the end of 1 year, the account will have 350 * (1.06)^1 = 371
at the end of 2 years, the account will have 350 * (1.06)2 = 393.26
that comes out as 350 * 1.06 * 1.06
since 350 * 1.06 = 371 * 1.06 = 393.26, the interest earned each year is combined with the principal and then interest is earned on the sum.
at the end of 10 years, the account will have 350 * (1.06)^10 = 626.80
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