Yesterday, Julie’s bank account balance was $39.99. Today, she made a withdrawal from her account. The current balance is –$10.2
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The equivalent expression for the expression that represents the amount Carmen would earn is 5000(1.0005^12)^t.
<h3>What is the equivalent expression?</h3>Based on the expression given, Carmen's investment is compounded monthly.
The formula for calculating future value:
FV = P (1 + r)^nm
- FV = Future value
- P = Present value
- R = interest rate
- m = number of compounding
- N = number of years
5000(1.0005)^12t
= 5000(1.0005^12)^t
50002.5^12t
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