Answer:
Thank you
Step-by-step explanation:
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Deposit $625 into a money market account with a 5% rate for 1 year would result in more money.
<h3>The interest rate of the bank</h3>
To do this, we make use of 1.50% interest rate
<h3>The exponential
growth equation</h3>
Here, we have:
Initial, a= 625
Rate, r = 1.5%
The exponential growth equation is
A(t) = a * (1 + r)^t
So, we have:
A(t) = 625 * (1 + 1.5%)^t
Evaluate
A(t) = 625 * 1.015^t
Hence, the exponential growth equation is A(t) = 625 * 1.015^t
<h3>The
value in 25 years</h3>
Here, t = 25.
So, we have:
A(25) = 625 * 1.015^25
Evaluate
A(25) = 906.84
Hence, the value in 25 years is $906.84
<h3>The investment with more money</h3>
<u>#Investment A</u>
a = 625
r = 1.5%
t = 5
So, we have:
A(5) = 625 * 1.015^5
Evaluate
A(5) = 673.3
<u>#Investment B</u>
a = 625
r = 5%
t = 1
So, we have:
A(1) = 625 * 1.5^1
Evaluate
A(1) = 937.5
By comparison, 937.5 is greater than 673.3
Hence, deposit $625 into a money market account with a 5% rate for 1 year would result in more money.
Read more about exponential growth equation at:
brainly.com/question/23729449
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Answer:
Her account balance after 5 years is $8702.87
Step-by-step explanation:
1500 (1.05) = 1575 --> after one year
1575 + 1500 = 3075
3075 (1.05) = 3228.75 --> after two years
3228.75 + 1500 = 4728.75
4728.75 (1.05) = 4965.1875 --> after three years
4965.1875 + 1500 = 6465.1875
6465.1875 (1.05) = 6788.44688 --> after four years
6788.44688 + 1500 = 8288.44688
8288.44688 (1.05) = 8702.86922 --> after five years = $8702.87
