Question

Alegbra Help3. A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.
(a) Write an equation to represent the amount of money in the account as a function of time in years.
(b) Find the amount of time it takes for the account balance to reach $800. Show your work.

Answer 1

A) 500 × (1.015)^t =  f(t) 

b)
500 × (1.015)^t = 800                       divide by 500
           (1.015)^t = 1.6                           solve for t
                       t ≈ 31.57 years