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Henry has invested some money in an interest-bearing account. The following equation models his situation. 12t A = 4,500 (1 + 0.035) ¹ 12 Which of the following statements are true? Select all that apply. O The balance in the account after 3 months will be approximately $4,539.49. O The balance in the account after 6 months will be approximately $5,549.85 The account compounds interest annually. For this function, the variable t represents time measured in years. O Henry invested $4,500.

Henry has invested some money in an interest-bearing account. The following equation models his situation. 12t A = 4,500 (1 + 0.035) ¹ 12 Which of the following statements are true? Select all that apply. O The balance in the account after 3 months will be approximately $4,539.49. O The balance in the account after 6 months will be approximately $5,549.85 The account compounds interest annually. For this function, the variable t represents time measured in years. O Henry invested $4,500.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 6E
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Henry has invested some money in an interest-bearing account. The following equation models his situation. 12t A = 4,500 (1 + 0.035) ¹ 12 Which of the following statements are true? Select all that apply. O The balance in the account after 3 months will be approximately $4,539.49. O The balance in the account after 6 months will be approximately $5,549.85 The account compounds interest annually. For this function, the variable t represents time measured in years. Henry invested $4,500.
Transcribed Image Text:Henry has invested some money in an interest-bearing account. The following equation models his situation. 12t A = 4,500 (1 + 0.035) ¹ 12 Which of the following statements are true? Select all that apply. O The balance in the account after 3 months will be approximately $4,539.49. O The balance in the account after 6 months will be approximately $5,549.85 The account compounds interest annually. For this function, the variable t represents time measured in years. Henry invested $4,500.
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