Answer:
Exponential Function:
Balance after
t=1 $ 13,524.32
t=2 $ 14,374.99
t=5 $ 17,261.69
t=10 $ 23,417.64
Step-by-step explanation:
Formula used to find amount in the account after time t, given the interest rate is compounded continuously
where: P= principal amount or amount invested
r= interest rate
t= time
A= amount after time t
in our question we are given:
P=$12,724
r= 6.1% or 0.061
The above equation is exponential function that describes the amount in the account after time t in years
Now, for t = 1
A= $ 13,524.32
t=2
A= $ 14,374.99
t= 5
A= $ 17,261.69
t=10
A= $ 23,417.64