Question

Can someone help me out on this problem and show work

Answer 1

Answer: 4230.14

Step-by-step explanation:

The amount that the balance is multiplied by each month is

$\frac{2448}{2040}=1.2$.

So, after t months, the balance is $1700(1.2)^{t-1}$.

Substituting in t=6, we get the balance is

$1700(1.2)^{6-1}=\boxed{4230.14}$, to the nearest hundredth.