Question

Write a compound interest function to model each situation. Then find the balance after the given number of years.

Answer 1

Answer:

See explanation

Step-by-step explanation:

The standard compound interest formula is $A = P(1+\frac{r}{n})^{nt}$ where:

P is the principal amount

r is the interest rate (typically as a percentage)

t is the time

n is the times compounded per unit of time

So,

1)  $A = 50000(1+\frac{0.03}{12})^{(12)(6)} =59847.42$

2) $A = 43000(1+\frac{0.05}{1})^{(1)(3)} =49777.88$

3) $A = 65000(1+\frac{0.06}{4})^{(4)(12)} =132826.08$

You should check my answers though, I may have mixed up some terms.