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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Mộc Miên 3 years 2021-08-27T18:59:30+00:00 1 Answers 0 views 0

Answers ( )

  1. trucchi
    0
    2021-08-27T19:01:04+00:00
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    Answer:

    Y=2,000[1.0125]^{4t}

    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,

    Y = 2,000[1+0.0125]^{4t} \\\\Y = 2,000[1.0125]^{4t}

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