Answered

$8,300 is invested in an account earning 8. 3% interest (APR), compounded

quarterly. Write a function showing the value of the account after t years,

where the annual growth rate can be found from a constant in the function.

Round all coefficients in the function to four decimal places. Also, determine

the percentage of growth per year (APY), to the nearest hundredth of a

percent.

Function: f(t)

=



Answer :

The function that shows the value of the account after t years is f(t) = 8300*(1.00001729 [tex])^{12\times t}[/tex]  .

In the question ,

it is given that ,

the amount invested = $8300

the rate of interest = 8.3% compounded quarterly

compounded quarterly means that = 8.3%/4 = 0.02075

let the time period be "t" years .

the formula to calculate the amount  for compound interest is

Amount = Principle * (1 + rate/12*100 [tex])^{12\times t}[/tex]

= 8300*(1 + 0.02075/1200  [tex])^{12\times t}[/tex]

Simplifying further ,

we get ,

= 8300*(1.00001729 [tex])^{12\times t}[/tex]

Therefore ,The function that shows the value of the account after t years is f(t) = 8300*(1.00001729 [tex])^{12\times t}[/tex]  .

Learn more about Compound Interest here

https://brainly.com/question/16795988

#SPJ4

Other Questions