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grandymaker [24]
2 years ago
8

A bank account with an initial deposit of $4,000 and an interest rate of 4% increases by 4% each year. The balance (B) as a func

tion of time in years (t) can be described by an exponential function: B(t) = 4,000(1.04)t
What parameter would change if the interest rate were changed to 7%?

Parameter
(select)
would change if the interest rate were changed to 7%.
Mathematics
1 answer:
Alexeev081 [22]2 years ago
8 0
R=R/100=4/100=0.04 per year. Solving equation A=P(1+rt ). A=4000(1+0.04)=4160. A=$4160
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