Question 423950: maria deposited $1300 in a savings account that earns 7% interest compounded annually. Let p (t) be the balance in teh account after t years
1- Write an equation for the function P?
2- What is the balance in marias account agter 12 years?
3- How many yeas will it take teh account to be worth %6500? Answer by linht117(37) (Show Source):
You can put this solution on YOUR website! ewhen a real-life quantity increases by a fixed percent each year (or other time period), the amount y of the quanitity after t years can be modeled by the equation: P = a(1+r)^t
1. P= 1300(1 + .07)^t
2. P= 1300(1.07)^12 add the quantity first
P= 1300(2.252) muiltiply by exponent
3.approximately 24 years