$250 is invested in an account earning 6.8% 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) Growth % increase per year Submit Arower

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
Problem 1CYU
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$250 is invested in an account earning 6.8% 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)
Growth
% increase per year
Submit Answer
Transcribed Image Text:$250 is invested in an account earning 6.8% 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) Growth % increase per year Submit Answer
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