Dwight deposits $150 into his new savings account. The account earns 5% interest compounded annually.
1 answer:
Answer:
Step-by-step explanation:
we know that
The compound interest formula for this problem is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods in years
in this problem we have
substitute in the formula above
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Answer:
True
Step-by-step explanation:
First, we need to recognize that
Now, we can try to solve
Multiply each side by
As we end up with an answer that cannot be true, we know that there is no solution.
Another method to solve this would be graphing the function
When graphed, it can be seen that there is an asymptote at x=0 meaning that there is no value for x=0.