Algebra ASAP

posted by Fay

Suppose that $17,000 is invested in a savings account paying 5.1% interest per year.
(a) Write the formula for the amount A in the account after t years if interest is compounded monthly.
A(t) =


(b) Find the amount in the account after 3 years if interest is compounded daily. (Round your answer to two decimal places.)
A(3) =


(c) How long will it take for the amount in the account to grow to $20,000 if interest is compounded continuously? (Round your answer to two decimal places.)
yr

  1. Reiny

    A(t) = 17000(1.051)^t

    b) i = .051/365
    A(t) = 17000(1 + .051/365)^(1095) = $19810.31

    continuous ...
    20000 = 17000 e^(.051t)

    solve for t
    (I got 3.1866)

Respond to this Question

First Name

Your Answer

Similar Questions

  1. Math

    Your Aunt will give your $1,ooo if you invest it for 10 years in an account that pays 20% interest compounded annually. That is, at the end end of each year your interest will be added to your account and invested at 20%. What will …
  2. Math

    Please check my work, thank you If $7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
  3. Algebra

    Use the compound interest formula $18,000 is invested in an account paying 3% interest compounded quarterly. Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the …
  4. Precalculus

    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)=____________?
  5. algebra

    $7,000 is invested into two accounts: 4,000 into an account paying 5% interest compounded monthly and $3,000 into an account paying 4.1% interest compounded continuously. compute the total interest earned at the end of 2 years.
  6. Compound interest

    Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in …
  7. math

    Suppose that you have $12,500 to invest over a 4 year period. There are two accounts to choose from: 4.5% compounded monthly or 4.3% compounded continuously. a. Write the formula for the first account’s compound interest for n compounding …
  8. Algebra

    Show how you substitute the values into the formula, then use your calculator. *Use A = P(1+r/n)nt to find the amount of money in an account after t years, compounded n times per year. *Use I = Prt to find the amount of simple interest …
  9. Algebra( check my answers)

    1. Juan deposited $200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years?
  10. PreCalc

    Suppose that $14,000 is invested in a savings account paying 5.2% interest per year. (a) Write the formula for the amount A in the account after t years if interest is compounded monthly.

More Similar Questions