SOLUTION: NEED HELP ASAP PLEASE!!
A savings account starts with $600 and pays 5% interest per year, compounded four times per year.
a) A function that models the amount in dollars in the b
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Question 277249: NEED HELP ASAP PLEASE!!
A savings account starts with $600 and pays 5% interest per year, compounded four times per year.
a) A function that models the amount in dollars in the bank account after m years is A(m)=____________?
b) How much will be in the savings account after 3 years? $______?
c) The amount in the account will exceed $1400 after ________ years.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
\ =\ P(1\ +\ \frac{r}{n})^{nm})
Where 
is the starting principal, 
is the interest rate expressed as a decimal, that is 5% is expressed as 0.05, 
is
the number of years of the investment, and 
is the number of compounding periods per year.
A function specifically for your given conditions would be:
\ =\ 600(1\ +\ \frac{.05}{4})^{4m})
At 3 years:
\ =\ 600(1\ +\ \frac{.05}{4})^{4(3)})
You get to do your own calculator work.
Solve your function for after substituting 1400 for A(m)
^{4m})
\ =\ 4m\ln(1.0125))
}{4\ln(1.0125)})
Again, you can do your own calculator button pushing.
John
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