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sleet_krkn [62]
3 years ago
13

Sue invests in a money market account. The balance of the account in dollars after t years can be represented by the function.

Mathematics
1 answer:
belka [17]3 years ago
5 0

a) 5000 represents the initial amount that Sue invested in a money market account

b) The annual percentage rate is 7%

c) Sue will have $7012.76 after 5 years

Step-by-step explanation:

The exponential growth function is f(t)=P(1+r)^{t} , where

  • r is the rate of growth in decimal
  • P is the initial amount
  • t is the time

Sue invests in a money market account. The balance of the account in dollars after t years can be represented by the function 5000(1.07)^{t}=B

∵ The function is 5000(1.07)^{t}=B

∵ The form of the exponential growth function is tex]f(t)=P(1+r)^{t}[/tex]

- By comparing the two functions

∴ P = 5000

∵ P is the initial amount

∴ The initial amount is 5000

a) 5000 represents the initial amount that Sue invested in a money market account

∵ (1+r)^{t}=(1.07)^{t}

∴ 1 + r = 1.07

- Subtract 1 from both sides

∴ r = 0.07

∵ r is the annual rate in decimal

∵ 0.07 × 100% = 7%

∴ The annual rate is 7%

b) The annual percentage rate is 7%

∵ t = 5

- Substitute the value of t in the function

∴ 5000(1.07)^{5}=B

∴ B = 7012.76

c) Sue will have $7012.76 after 5 years

Learn more:

You can learn more about annual rate in brainly.com/question/3614284

#LearnwithBrainly

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