Lilly open a compound interest savings account and his initial deposit was $992. The account pays 4.61% annual interest and is compounded annually. What is the balance in Lilly's account after 7 years?.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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ISBN:9780079039897
Author:Carter
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Chapter9: Quadratic Functions And Equations
Section9.9: Combining Functions
Problem 2AGP
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Lilly open a compound interest savings account and his initial deposit was $992. The account pays
4.61% annual interest and is compounded annually. What is the balance in Lilly's account after 7
years?.
The following is the balance function for compound interest account where:
• Pis the initial deposit,
ris the annual interest rate,
•n is the number of compounding times per year,
• and t is the number of years.
n-t
= P.
Transcribed Image Text:Lilly open a compound interest savings account and his initial deposit was $992. The account pays 4.61% annual interest and is compounded annually. What is the balance in Lilly's account after 7 years?. The following is the balance function for compound interest account where: • Pis the initial deposit, ris the annual interest rate, •n is the number of compounding times per year, • and t is the number of years. n-t = P.
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