Kimberly’s family invested in a Certificate of Deposit (CD) for her when she was born. They deposited $3,000 at an annual interest rate of 8%. The interest is compounded monthly.   After 15 years, what is the   principal amount(p)= rate of interest(r)= the number of times the interest is compunded(n)=   Write an exponential function:   What is the value after 15 years(substitute 15 for t)?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Kimberly’s family invested in a Certificate of Deposit (CD) for her when she was born. They deposited $3,000 at an annual interest rate of 8%. The interest is compounded monthly.
 
After 15 years, what is the
 
principal amount(p)=
rate of interest(r)=
the number of times the interest is compunded(n)=
 
Write an exponential function:
 
What is the value after 15 years(substitute 15 for t)?
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