Michael invested 5,000 in an account that has a 5.5% annual interest rate. What equation best describes investment after T years

Question

3 years ago

13

?

1 answer:

ivolga24 [154] · Answer 1 · 2022-07-21T00:34:02+03:00

Answer:

V = 5000 + 275*T for simple annual interest

or: A = 5000 * (1.055)^T for an annual compound interest

Step-by-step explanation:

I assume this is a simple interest rate. If not I will give the one for compound interest.

V = 5000 + 5000* 0.055 * T (Value of account after T years)

V = 5000 + 275*T for simple annual interest

or: A = 5000 * (1.055)^T for an annual compound interest