SOLUTION: Kim deposited 10 000 pesos in a bank that pays 3% compound interest annually. •Write the exponential model for the amount of substance. •How much money will she have after 2

Question 1186913: Kim deposited 10 000 pesos in a bank that pays 3% compound interest annually.
•Write the exponential model for the amount of substance.
•How much money will she have after 2 years?
Answer by ikleyn(52838) (Show Source): You can put this solution on YOUR website!
.


Future value of the amount is this exponential function


    A(t) = ,


where t is the time, in years.


In 2 years, the amount will be 

    A(2) = substitute 2 instead of t into the formula =  = 10609 pesos.    ANSWER

Solved, answered and explained.

---------------

To see many other similar (and different) solved problems, look into the lesson
- Problems on discretely compound accounts
in this site, and learn the subject from there.

After reading this lesson, you will tackle such problems on your own without asking for help from outside.

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Logarithms".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

Happy learning (!)

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