Jamie deposits $627 into a savings account.the account has an interest rate of 3.5%, compounded quarterly. Write the function that gives the amount of money in dollars, j(t), in Jamie’s account t years after the initial deposit

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15-11-2022
Mathematics

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Jamie deposits $627 into a savings account.the account has an interest rate of 3.5%, compounded quarterly. Write the function that gives the amount of money in dollars, j(t), in Jamie’s account t years after the initial deposit

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shashankvt shashankvt · Answer 1 · 2022-11-17T23:46:27-05:00

The function that gives the amount of money in dollars, j(n), in Jamie’s account n years after the initial deposit is J(n) = P(1 + (r/3)/100)³ⁿ.

What is compound interest?

Borrowers are required to pay interest on interest in addition to principal since compound interest accrues and is added to the accrued interest from prior periods.

We know the formula for compound interest is,

A = P(1 + r/100)ⁿ.

Where, A = amount, P = principle, r = rate, and n = time in years.

Given, Jamie deposits $627 into a savings account and the account has an interest rate of 3.5%, compounded quarterly.

P = $627, r = 3.5%.

We know the formula for compound interest compounded quarterly is

A = P(1 + (r/3)/100)³ⁿ.

Or

J(n) = P(1 + (r/3)/100)³ⁿ. (here t is replaced by n).

learn more about compound interest here :

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