Concept explainers
a.
To write: a function that represents the balance after t years.
a.
Answer to Problem 18CR
Explanation of Solution
Given:
Principal amount = $750
Interest rate = 5% per annum
Compounded quaterly
Concept used:
Compound Interest:
Where P is principal, r is annual interest rate (in decimal form), t is time in years and n is the number of times interest is compounded per year.
Calculation:
Substituting
Conclusion:
So, the balance in the account after t years is given by the function
b.
the balance in the account after 4 years.
b.
Answer to Problem 18CR
Approximately
Explanation of Solution
Given:
The balance in the account after t years is given by the function:
The balance in the account after 4 years is found by substituting
Conclusion:
So, balance in the account after 4 years will be about $915.
Chapter 6 Solutions
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