Question

You deposit $9000 in a savings account that earns 3.6% annual interest compounded monthly. You also save $40 per month in a safe at home. Write a function C(t) = b(t) + h(t) where b(t) represents the balance of your savings account and h(t) represents the amount in your safe after t years. What does c(t) represent? What is the function?

Answer 1

3.6 /12 = monthly interest rate = r
b(t) = 9000 (1 + r)^12t
c(t) = 40*12 t

C(t) = 9000 (1 + r)^12t + 40*12 t

Answer 2

wrong

Answer 3

9000(1.003)^12t+40*12t

Answer 4

wrong