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Precalculus

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NEED HELP ASAP PLEASE!!
A savings account starts with $600 and pays 5% interest per year, compounded four times per year.
a) A function that models the amount in dollars in the bank account after m years is A(m)=____________?
b) How much will be in the savings account after 3 years? $______?
c) The amount in the account will exceed $1400 after ________ years.

  • Precalculus - ,

    amount = 600(1 + .05/4)^(4m)

    b) A = 600(1.0125)^12 = ...

    c) set A = 1400
    1400 = 600(1.0125)^n, remember n is quarter years.
    2.33333 = (1.0125)^n
    do you know how to do logs? If so, ..
    n = log 2.33333/log 1.0125 = 68.2 quarter years or about 17 years.

    notice 17 years ---> n= 68
    amount = 600(1.0125)^68 = $1396.41
    so you will need about 68 and 1/4 years.

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