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natka813 [3]
3 years ago
9

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.
Mathematics
1 answer:
Alex777 [14]3 years ago
8 0
A) 500 × (1.015)^t =  f(t) <span>

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

</span>
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