Suppose that $12000 is invested in a savings account paying 5% interest per year.(a) Write the formula for the amount in the account after t years if interest is compounded monthly

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Suppose that $12000 is invested in a savings account paying 5% interest per year.
(a) Write the formula for the amount in the account after t years if interest is compounded monthly

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