$2, 500 is invested in an account earning 8.4% interest (APR), compounded monthly. Write a function showing the value of the account after t years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year (APY), to the nearest hundredth of a percent.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
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Chapter9: Quadratic Functions And Equations
Section9.9: Combining Functions
Problem 2BGP
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$2, 500 is invested in an account earning 8.4% interest (APR), compounded
monthly. Write a function showing the value of the account after t years, where the
annual growth rate can be found from a constant in the function. Round all
coefficients in the function to four decimal places. Also, determine the percentage of
growth per year (APY), to the nearest hundredth of a percent.
Function: f (t)
Submit Answer
Growth
% increase per year
attempt i out of 2
Transcribed Image Text:$2, 500 is invested in an account earning 8.4% interest (APR), compounded monthly. Write a function showing the value of the account after t years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year (APY), to the nearest hundredth of a percent. Function: f (t) Submit Answer Growth % increase per year attempt i out of 2
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