# SOLUTION: 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 functi

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: 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 functi      Log On

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 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 Click here to see ALL problems on Money Word Problems 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 p=2927.85 3.approximately 24 years