SOLUTION: Suppose you put $500 in a savings account. The account pays 6.4% annually. A. Model the amont in the savings account with an exponential function B. How much money is in the a

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: Suppose you put $500 in a savings account. The account pays 6.4% annually. A. Model the amont in the savings account with an exponential function B. How much money is in the a      Log On


   

Question 405520: Suppose you put $500 in a savings account. The account pays 6.4% annually.
A. Model the amont in the savings account with an exponential function
B. How much money is in the account after 2yrs? 5yrs?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

A. Note: compounded annually: A = p(1+r)^t  



B. After 2 years:  A = 500(1.064)^2

   After 5 years:  A = 500(10.64)^5