MATH SOLVE

3 months ago

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]