SOLUTION: Joan opens a saving account at a local bank. She initially deposits $350 into the account. The amount of money in her account should increase at Rate of 4.5% each month
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Question 1019390: Joan opens a saving account at a local bank. She initially deposits $350 into the account. The amount of money in her account should increase at Rate of 4.5% each month
What is the rate?
What is the constant multiplier?
What is an equation that represents this situation
How much will be in her account 9 months from now and 4 years from now? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Joan opens a saving account at a local bank. She initially deposits $350 into the account. The amount of money in her account should increase at Rate of 4.5% each month
What is the rate?
Find yearly rate::
1.045^12 = 1.70
Yearly rate would be 70%
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What is the constant multiplier?:: 1.045
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What is an equation that represents this situation
A(t) = 350(1.045)^12
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How much will be in her account 9 months from now and 4 years from now?
A(3/4) = 350(1.045)^(3/4) = $361.75
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A(4*12) = 350(1.045)^48 = $2895.00
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Cheers,
Stan H.
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