A college student has invested $4200 in an account that pays 1.6% interest compounded monthly. Which of the following equations could be used to find the amount in the account after 11 years? 12-11 1.6 O 4200( 1+ 12 O (4200)(0.016)(11) 12-11 0.016 4200( 1+ 12 O 4200e1.6.11 O 4200e0.016 - 11

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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A college student has invested $4200 in an account that pays 1.6% interest compounded monthly. Which of
the following equations could be used to find the amount in the account after 11 years?
12.11
1.6
O 4200( 1+
12
O (4200)(0.016)(11)
12-11
0.016
4200( 1+
12
4200e1.6-11
O 4200e0.016 - 11
Transcribed Image Text:A college student has invested $4200 in an account that pays 1.6% interest compounded monthly. Which of the following equations could be used to find the amount in the account after 11 years? 12.11 1.6 O 4200( 1+ 12 O (4200)(0.016)(11) 12-11 0.016 4200( 1+ 12 4200e1.6-11 O 4200e0.016 - 11
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