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

Question

3 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] · Answer 1 · 2022-06-25T00:19:49+03:00

Alexeev081 [22]3 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