A college student has invested $4200 in an account that pays 1.6% interest compounded monthly. Which of the following equations could be used to find the amount in the account after 11 years? 12-11 1.6 O 4200( 1+ 12 O (4200)(0.016)(11) 12-11 0.016 4200( 1+ 12 O 4200e1.6.11 O 4200e0.016 - 11

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.31TI: Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the...
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A college student has invested $4200 in an account that pays 1.6% interest compounded monthly. Which of
the following equations could be used to find the amount in the account after 11 years?
12.11
1.6
O 4200( 1+
12
O (4200)(0.016)(11)
12-11
0.016
4200( 1+
12
4200e1.6-11
O 4200e0.016 - 11
Transcribed Image Text:A college student has invested $4200 in an account that pays 1.6% interest compounded monthly. Which of the following equations could be used to find the amount in the account after 11 years? 12.11 1.6 O 4200( 1+ 12 O (4200)(0.016)(11) 12-11 0.016 4200( 1+ 12 4200e1.6-11 O 4200e0.016 - 11
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