# Algebra ASAP

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. 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)

posted by Reiny

## Similar Questions

1. ### 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.
2. ### 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
3. ### 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.
4. ### 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
5. ### 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? A=\$8,268.00 Rewrite the statement, using
6. ### Math

Using the compound interest formula A = P (1+ ((r)/ (n)) ^nt Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the numerical amount.) \$18,000 is invested in an
7. ### 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
8. ### Math

Use the compound interest formula to solve: \$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
9. ### 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)=____________? b)
10. ### 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? \$12 \$24 \$120 ( my answer) \$240 2. Mary borrowed \$11,000 at 5% interest for 4 years. What was

More Similar Questions