Question

The function g(n)=275(1.032)n
models the sequence of the end-of-year balance of an investment account with a principal of $275 and a 3.2 percent compound annual interest rate, in which n is the length of the investment in years. Find the balance of the account after 13 years.

Answer 1

g(13) = 275(1.032)^13 ≈ 275(1.50603846) ≈ $414.16

So the account balance after 13 years is about $414.16.