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Tju [1.3M]
4 years ago
7

A bank account earns interest at a rate of 3.5% per year ( in other words it increases in value by that percent) and starts with

a balance of $350. Which of the following equations would give the account’s worth, W, as a function of the number of years, y, it has been gaining interest?
Mathematics
1 answer:
LenKa [72]4 years ago
8 0
Annually cumulating interest can be determined by the following formula:

W = P(1+r)^{y}

r represents the interest rate as a decimal, and P represents the starting amount of money.
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