SOLUTION: Nicole opened a savings account with an initial deposit of $5,000. Since then, she has never made any other deposits or withdrawals. Her savings account earns 4% interest compounde

Question 1117025: Nicole opened a savings account with an initial deposit of $5,000. Since then, she has never made any other deposits or withdrawals. Her savings account earns 4% interest compounded monthly.
Which equation gives the approximate amount, A(x), she has in her savings account as a function of x, the number of years since her initial deposit?

Answer by ikleyn(52794) (Show Source): You can put this solution on YOUR website!
.

The equation (the expression, better to say) is


    A(x) =  = 5000*(((1+0.04/12)^12)^x),  or, which is the same,


    A(x) = .

RELATED QUESTIONS
Ms. Jenkins opened an account with a $3,000 deposit. The account earned 2.2% annual... (answered by ikleyn)

Tebongo opened his savings account with a single deposit of R5000 at the beginning of... (answered by Theo)

Maria has set a goal to save $ 10 000 in a savings account that earns 2.4% compounded... (answered by mananth)

Three years ago, an engineer opened a savings account with an initial deposit (answered by Theo)

Emma is saving money for college. She has $800 and wants to deposit it into 2 different... (answered by ikleyn)

4. Ike opened a savings account with a deposit of $4,000. Three years later, he had... (answered by rfer)

Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a (answered by rfer)

stephen opens a savings account with an initial deposit of $300. every month, stephen... (answered by solver91311)