Question
You deposit $9000 in a savings account that earns 3.6% annual interest compounded monthly.
Write a function (s) that represents the balance (in dollars) of your savings account after (t) years.
Write a function (s) that represents the balance (in dollars) of your savings account after (t) years.
Answers
Answered by
GPT 3.5
The formula to calculate the balance after a certain number of years using compound interest is:
A = P(1 + r/n)^(n*t)
Where:
A = the final balance
P = the initial deposit (principal)
r = annual interest rate (in decimal form)
n = number of times the interest is compounded per year
t = number of years
In this case, the initial deposit (P) is $9000, the annual interest rate (r) is 3.6% or 0.036 as a decimal, and the interest is compounded monthly (n = 12).
Therefore, the function that represents the balance (s) of the savings account after (t) years would be:
s(t) = 9000(1 + 0.036/12)^(12*t)
A = P(1 + r/n)^(n*t)
Where:
A = the final balance
P = the initial deposit (principal)
r = annual interest rate (in decimal form)
n = number of times the interest is compounded per year
t = number of years
In this case, the initial deposit (P) is $9000, the annual interest rate (r) is 3.6% or 0.036 as a decimal, and the interest is compounded monthly (n = 12).
Therefore, the function that represents the balance (s) of the savings account after (t) years would be:
s(t) = 9000(1 + 0.036/12)^(12*t)
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