Write a function that represents the balance after t years. $2000 deposit that earns 5% annual interest compounded quarterly

Write a function that represents the balance after t years.

$2000 deposit that earns 5% annual interest compounded quarterly

y =

0 thoughts on “Write a function that represents the balance after t years. $2000 deposit that earns 5% annual interest compounded quarterly<br”

  1. Answer:

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

    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,

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

    Reply

Leave a Comment