5. Latrecia starts a savings account with $75 that earns 1.5% interest, compounded monthly. How much will Latrecia have in the account after 5 years? (The formmula for compound interest is given after question 6). Answer: 6. When will Latrecia have $85.84? Answer:

5. Latrecia starts a savings account with $75 that earns 1.5% interest, compounded monthly. How much will Latrecia have in the account after 5 years? (The formmula for compound interest is given after question 6). Answer: 6. When will Latrecia have $85.84? Answer:

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section10.2: Evaluate And Graph Exponential Functions

Problem 10.31TI: Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the...

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Question

Help 5 and 6

Page
2.
of
Name
Period
5. Latrecia starts a savings account with $75 that earms 1.5% interest, compounded
monthly. How much will Latrecia have in the account after 5 years? (The formula for
compound interest is given after question 6).
Answer:
6. When will Latrecia have $85.84?
Answer:
The compound interest formula for any number of compounds per year is:

Page
of 2
Name
Period
5. Latrecia starts a savings account with $75 that earns 1.5% interest, compounded
monthly. How much will Latrecia have in the account after 5 years? (The formmula for
compound interest is given after question 6).
Answer:
6. When will Latrecia have $85.84?
Answer:
The compound interest formula for any number of compounds per year is:
A = P(1+=)**
n
Where:
A = the amount of money in the account at any time t
P= the principal, or the original amount invested in the account
T- the annual interest rate
n= the number of compounding periods each year
t- the number of years
Act
Got
日

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