Answer:
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
y = P(1 + r/n)^nt
Where
y = the value of the investment at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount invested
From the information given,
P = $4700
r = 4.75% = 4.75/100 = 0.0475
n = 1 because it was compounded once in a year.
Therefore, the exponential function showing the relationship between y and t is
y = 4700(1 + 0.0475/1)^1 × t
y = 4700(1.0475)^t
