Part 1) You deposit $100 in a bank account that earns 5% interest, compounded monthly.

part 2) Using the function A (t) = P (1 + (r/n)) nt, create the function that represents the amount, A, in your account after t years.

part 3) How long will it take until you have $125?

Question

Mathematics

Bentley Boyd

16 September, 08:23

Part 1) You deposit $100 in a bank account that earns 5% interest, compounded monthly.

part 2) Using the function A (t) = P (1 + (r/n)) nt, create the function that represents the amount, A, in your account after t years.

part 3) How long will it take until you have $125?

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Answers (1)

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Kelsie Hatfield · Answer 1

1) A=100 (1+0.05/12) ^12t

2) 125=100 (1+0.05/12) ^12t

125/100 = (1+0.05/12) ^12t

Log (125/100) = 12t*log (1+0.05/12)

12t=log (125:100) : log (1+0.05:12)

t=[log (125:100) : log (1+0.05:12) ]/12

T=4.5 years

Part 1) You deposit $100 in a bank account that earns 5% interest, compounded monthly.part 2) Using the function A (t) = P (1 + (r/n)) nt, create the function that represents the amount, A, in your account after t years.part 3) How long will it take until you have $125?

Part 1) You deposit $100 in a bank account that earns 5% interest, compounded monthly.

part 2) Using the function A (t) = P (1 + (r/n)) nt, create the function that represents the amount, A, in your account after t years.

part 3) How long will it take until you have $125?