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Write a function that represents the balance after t years. $2000 deposit that earns 5% annual interest compounded quarterly
Question
Write a function that represents the balance after t years.
$2000 deposit that earns 5% annual interest compounded quarterly
y =
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Mathematics
3 years
2021-08-27T18:59:30+00:00
2021-08-27T18:59:30+00:00 1 Answers
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Answer:
Step-by-step explanation:
Given:
Amount deposit P = $2,000
Time t = t year (yearly) = 4t(quarterly)
Rate r = 5% annual = 5/4 = 1.25% (quarterly) = 0.0125
Find:
Amount after t year (Y)
Computation:
A = P[1+r]ⁿ
So,