Sophie invested 5,000 into an account that will increase in value by 2.3% each year. Write a function to model this situation, t hen find the value of the investment after 15 years
1 answer:
Answer:
$6725
Step-by-step explanation:
Given data
Princiapal= $5000
Rate=2.3%
Time= 15years
The function that will model this situation is given as
A=P(1+rt)
The above function is a simple interest function
Substitute our data we can find the amount A
A=5000(1+0.023*15)
A= 5000(1+0.345)
A=5000(1.345)
A=5000*1.345
A=$6725
Hence the value of the investment after 15 years is $6725
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