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
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-> 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
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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(52835) (Show Source):
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.
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- Problems on discretely compound accounts
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