Answer:ur answer is 96
Step-by-step explanation:
Answer:
2
Step-by-step explanation:
Answer:
The exponential function is
.
You will have $1,100.55 in the account after 2 years.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
Deposit $1000 in a savings account that pays 4.8% interest compounded monthly.
This means that
. So




This is the exponential function
How much will you have in your account after 2 years?
This is A(2). So

You will have $1,100.55 in the account after 2 years.
Answer:
$5599.20
Step-by-step explanation:
The quarterly interest rate for the first two years was ...
7%/4 = 0.0175
So, the multiplier each quarter for those 8 quarters was 1+0.0175 = 1.0175. At the end of the first 8 quarters, the account value had been multiplied by ...
1.0175^8
For the next 8 quarters, the quarterly interest rate was 10%/4 = 0.025. So at the end of those 8 quarters, the balance had been multiplied by ...
1.025^8
Then the balance at the end of 4 years was ...
$4000(1.0175^8)(1.025^8) ≈ $5599.20
The balance was $5599.20.