If you deposit P dollars in a savings account and earn compound interest of r% the value of your deposit after t years in the ac

Question

2 years ago

10

If you deposit P dollars in a savings account and earn compound interest of r% the value of your deposit after t years in the ac

count can be found using the expression P(1+0.04)t. Find the value of $500 after 7 years in a savings account at 4% interest

Mathematics

2 answers:

bagirrra123 [75] · Answer 1 · 2022-08-11T04:28:39+03:00

bagirrra123 [75]2 years ago

4 0

You practically answered this one yourself by giving some of the equation we need already filled in. It would look like this: A(t)=500(1.04)^7. Start by taking 1.04 to the power of 7 to get A(t)=500(1.3159). Finish by multiplying to get
A(t)=$657.97

horrorfan [7] · Answer 2 · 2022-08-11T05:32:59+03:00

horrorfan [7]2 years ago

3 0

Answer: the correct answer is

Step-by-step explanation:

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