Tobie Invest $25 in a bank account where the interest is compounded at 4% every year. He makes no withdrawals or deposits. the f

Question

3 years ago

11

Tobie Invest $25 in a bank account where the interest is compounded at 4% every year. He makes no withdrawals or deposits. the f

ormula for compound interest is A(t)=P(1+i)^t
Part A :what are the principal and the interest rate ?
Part B : write a function that represents tobie’s account balance after t years

Mathematics

2 answers:

maria [59] · Answer 1 · 2021-12-11T15:00:04+03:00

maria [59]3 years ago

8 0

$25 is the principal 4% is the interest rate, A(t)=25+1.04

nikitadnepr [17] · Answer 2 · 2021-12-11T13:55:14+03:00

nikitadnepr [17]3 years ago

3 0

The principal is $25 and the rate is 4%.

So after t years: A(t) = 25(1.04)^t