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sweet-ann [11.9K]
3 years ago
15

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

formula for compound interest is A(t) = P(1 + i)t.
Complete the table for the given values of t. Round A(t) values to the nearest integer.

Mathematics
1 answer:
GarryVolchara [31]3 years ago
3 0

Answer:

Step-by-step explanation:

The initial amount of money that he invested is $25. It means that P = $25.

The interest is compounded at 4% every year. It means that

r = 4% = 4/100 = 0.04

The formula for compound interest is A(t) = P(1 + i)t. It becomes

A(t) = 25(1 + 0.04)^t

A(t) = 25(1.04)^t

Completing the table, it becomes

At t = 0,

A(0) = 25(1.04)^0

A(0) = $25

At t = 10,

A(10) = 25(1.04)^10

A(10) = $37

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