Question

Mr. Andrews is saving to buy a violin that costs $1,000. He has already saved $450 and decides to put all of this money into a new savings account. The money in this account will earn 6% interest, which is compounded quarterly. Which model would be appropriate to determine how many years, y, Mr. Andrews will have to wait until he has earned enough money in this account to buy the violin? A = P ( 1 + r n ) n t A = amount of money accumulated after n years, including interest, P = principal amount (the initial amount deposited), r = annual rate of interest, n = number of times the interest is compounded per year, and t = number of years the amount is deposited

Answer 1

Answer:

1000=450 (1+ 0.06) y

                         4

Step-by-step explanation:

In the paranthesis where it says 0.06 and then 4 at the bottom its supposed to be a fraction btw