Answer:
$734.40
Step-by-step explanation:
y=9,000(1.04)^t is our equation for this.
The 9,000 is the starting amount.
1.04 is the 4% since 4% is 4/100 which equals 0.04, then we add 1 to that since it's increasing in value.
y represents our output.
t represents time (in years for this equation)
Since they give us the amount of years since he deposited the $9,000, we put the number they gave us (2 years) into the equation, replacing t.
y=9,000(1.04)^2
Put the right side into a calculator and it gives you 9734.4.
That's the total amount he has now, so to find how much he earned we subtract the starting amount (9000).
734.4.
Edward earned $734.40.
