SOLUTION: Your parents open an account with an initial investment of $6000. The account pays interest at a rate of 4% compounded yearly. Write a function that models the account balance ove

SOLUTION: Your parents open an account with an initial investment of $6000. The account pays interest at a rate of 4% compounded yearly. Write a function that models the account balance ove

Algebra.Com

Question 893296: Your parents open an account with an initial investment of $6000. The account pays interest at a rate of 4% compounded yearly.
Write a function that models the account balance over time.
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!

where is the value of the account at years.
RELATED QUESTIONS
An initial amount of $1300 is invested in an account at an interest rate of 4% per year... (answered by stanbon)

Suppose an investment account is opened with an initial deposit of $10500 earning 6.25%... (answered by greenestamps)

$960 is deposited at the end of every three months into an account that pays 5.1%... (answered by ikleyn)

An investor opens an account at a investment firm earning 6% interest (annual rate) with... (answered by Theo)

If $6000 is invested at an interest rate of 5% compounded continously determine the... (answered by Fombitz)

Question 1. How long will it take for an investment to double at 7%p.a. compounded... (answered by Boreal)

Ann deposits $6000 into an account that pays simple interest at a rate of 4% per year.... (answered by Boreal,MathTherapy)

Ann deposits $6000 into an account that pays simple interest at a rate of 4% per... (answered by Boreal,MathTherapy)

1. Ellen has $8000 to invest in an RESP (Registered Education Savings Plan) for 7 years.... (answered by josmiceli)