Q:

Dwight deposits $150 into his new savings account. The account earns 5% interest compounded annually.Write a function to model the amount in his account, A, over t years, assuming he makes no other deposits or withdrawals. Write your function in the form A=P(1 +r)^t2PointsUse the math editor to write your function.Answer the question in complete sentences.Hint:P is the initial amount in the account.Change the interest rate from a percent to a decimal by moving the decimal 2 places to the left and substitute this number in for r.

Accepted Solution

A:
Answer:[tex]A=\$150(1.05)^{t}[/tex]  Step-by-step explanation:we know that    The compound interest formula for this problem is equal to  [tex]A=P(1+r)^{t}[/tex]  where  A is the Final Investment Value  P is the Principal amount of money to be invested  r is the rate of interest  in decimalt is Number of Time Periods  in yearsin this problem we have  [tex]P=\$150\\ r=5\%=0.05[/tex]  substitute in the formula above  [tex]A=\$150(1+0.05)^{t}[/tex]  [tex]A=\$150(1.05)^{t}[/tex]