Question
A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.
Write an equation to represent the amount of money in the account as a function of time in years.
Find the amount of time it takes for the account balance to reach $800. Show your work.
Write an equation to represent the amount of money in the account as a function of time in years.
Find the amount of time it takes for the account balance to reach $800. Show your work.
Answers
oobleck
500 * 1.05^n