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 #6876647
2 months ago
The formula can taken through the compounded interest formula:
A= P(1+r/n) to the power of n time t.

P = is the initial amount or the principal

r  = interest rate (annually)

t  = years or tenor of the deposit

A = total amount of money after the tenor

n  =  frequency of the compound

Solution 2

Guest Guest #6876648
2 months ago
I just learned this topic today so I am just telling you now that I could be wrong, as I am still trying to completely grasp it!


Use the formula y=b(1+r)^t to solve....

B= initial amount
R= rate

So what is your initial amount??? The initial amount is 3500, which makes your rate 3.5%. YOU MUST CHANGE YOUR PERCENT TO A DECIMAL! (0.035)

Plug in your work: f(t)3500(1+0.035)
Then REMEMBER TO SIMPLIFY! YOU CAN NOT FORGET THIS STEP, IF THIS IS FROM A QUIZ YOU WILL GET THE ANSWER WRONG IF YOU DO NOT!!! (Trust me, I know. I have to retake my quiz for this :o )

Do 1+0.035 and get 1.035

So, again plug in and I am pretty sure you should get the answer: f(t)=3500(1.035)^t

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ANSWER: \frac{5}{6}

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Write the first 4 terms for this sequence t(n)=4.5n-8
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The first 4 terms for the given sequence are -3.5, 1, 5.5 and 10.

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Solution 2
Evaluate t(1),t(2),t(3),t(4)

t(1)=4.5(1)-8=4.5-8=-3.6
t(2)=4.5(2)-8=9-8=1
t(3)=4.5(3)-8=13.5-8=5.5
t(4)=4.5(4)-8=18-8=10

the first 4 terms are
-3.6,1,5.5, 10