Question

20 Points--Algebra 1

Answer 1

Answer:

y = 400(1.01)^t

Step-by-step explanation:

Firstly find the rate

(Take any balance for two years, e. g 400 and 404,412.12 and 416.24,etc to get simple interest)

408.04-404= 4.04

I=(P*R*T)/100

From which R=(100*I)/PT

R= 100*4.04/404*1

R=1%

Using compound interest formula

A =P(1+r/100)^n

where n is time

substituting each value

y = 400(1+1/100)^t

y= 400(1.01)^t