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Franklin deposits $3500 in an account that earns 3.5% interest compounded

Franklin deposits $3500 in an account that earns 3.5% interest compounded annually. What function equation represents the balance of the account after t years?

2 months ago

Solution 1

Guest Guest #6876785
2 months ago
So this problem can be solve using the formula:
F = P(1+i)^t
Where F is the balance account after t years
P is money deposited
i is the fraction interest rate  
F = 3500 (1+0.35)^t
F = 3500 (1.35)^t is the function equation represents the balance of the account after t years

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