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Eva8 [605]
3 years ago
13

Each year a certain amount of money is deposited in an account which pays an annual interest rate of so that at the end of each

year the balance in the account is multiplied by a growth factor of x = 1 + r. $300 is deposited at the start of the first year, an additional $500 is deposited at the start of the next year, and $400 at the start of the following year.
A) Write an expression for the value of the account at the end of three years in terms of the growth factor .

B) What is the amount (to the nearest cent) in the account at the end of three years if the interest rate is 2%?
Mathematics
1 answer:
fgiga [73]3 years ago
6 0

Answer: 5%

Step-by-step explanation:

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<h3>What is the number of years?</h3>

The formula that can be used to determine the number of years it would take for the sales to reach $1,750,000 is:

Number of years : In (FV / PV) / r

Where:

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Number of years : In ($1,750,000 / 850,000) / 0.04931998

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To learn more about how to determine the number of years, please check: brainly.com/question/21841217

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