The equation, A equal to 1,500 plu quantity 1 plu 0. 06 over 2 end quantity all raied to the power of 2 time t, repreent the amount of money earned on a compound interet aving account. What doe the value 1,500 repreent?

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09-12-2022
Mathematics

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The equation, A equal to 1,500 plu quantity 1 plu 0. 06 over 2 end quantity all raied to the power of 2 time t, repreent the amount of money earned on a compound interet aving account. What doe the value 1,500 repreent?

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-12-18T09:37:53-05:00

The equation states that the total amount in the savings account will be equal to the initial deposit .The value 1,500 represents the initial amount deposited into the savings account.

The equation A = 1,500 + (1 + 0.06/2)^2t represents the amount of money earned on a compound interest savings account. The value 1,500 represents the initial amount that was deposited into the savings account. The equation states that the total amount in the savings account will be equal to the initial deposit (1,500) plus the amount that is earned by compounding the interest rate on the initial deposit. This is calculated by first adding the initial deposit (1) to the interest rate (0.06/2). This sum is then raised to the power of 2 times the number of years (t) the money has been in the account. This total amount is then added to the initial deposit (1,500) to give the total amount earned on the savings account.

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