Reque Target 10.5:I can apply exponential functions to solve problems. 3. A deposit of $2000 is invested in an account earning 4.5% interest compounded monthly. How much money will there be in 6 years? A = P(1+ 5 Equation: Answer:
Reque Target 10.5:I can apply exponential functions to solve problems. 3. A deposit of $2000 is invested in an account earning 4.5% interest compounded monthly. How much money will there be in 6 years? A = P(1+ 5 Equation: Answer:
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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![**Target 10.5: I can apply exponential functions to solve problems.**
3. A deposit of $2000 is invested in an account earning 4.5% interest compounded monthly. How much money will there be in 6 years?
\[ A = P \left(1 + \frac{r}{n}\right)^{nt} \]
- **Equation:** ____________________________________________
- **Answer:** _______________________________________________
In this problem, you will use the compound interest formula:
- \( P \) is the principal amount ($2000).
- \( r \) is the annual interest rate (4.5% or 0.045).
- \( n \) is the number of times interest is compounded per year (12 for monthly).
- \( t \) is the time in years (6 years).
Plug the given values into the formula to find the future value \( A \).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa93fe523-bbc5-4ded-98ad-9d42c9cf636e%2F384cedfb-f69b-4b2f-a3f4-667543eea257%2Fvinnbge_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Target 10.5: I can apply exponential functions to solve problems.**
3. A deposit of $2000 is invested in an account earning 4.5% interest compounded monthly. How much money will there be in 6 years?
\[ A = P \left(1 + \frac{r}{n}\right)^{nt} \]
- **Equation:** ____________________________________________
- **Answer:** _______________________________________________
In this problem, you will use the compound interest formula:
- \( P \) is the principal amount ($2000).
- \( r \) is the annual interest rate (4.5% or 0.045).
- \( n \) is the number of times interest is compounded per year (12 for monthly).
- \( t \) is the time in years (6 years).
Plug the given values into the formula to find the future value \( A \).
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