The compound interest formula that gives the balance in an account with a principal of $1200 that earns interest at the rate of 3.9% compounded monthly is a. 12t 0.039 A = 1200 • Compare this formula to the exponential equation A = 1200 • b'. 12 a. What takes the place of b in the compound interest formula? b. What is the value of the growth factor b? c. What is the effective rate?

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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Please help! :( Letters a.) b.) c.)
The compound interest formula that gives the balance in an account with a principal of
$1200 that earns interest at the rate of 3.9% compounded monthlly is
a. What takes the place of b in the compound interest formula?
12t
0.039
b=
(Do not simplify.)
A = 1200 •
Compare this formula to the exponential equation A = 1200 • b'.
12
a. What takes the place of b in the compound interest formula?
b. What is the value of the growth factor b?
c. What is the effective rate?
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Transcribed Image Text:The compound interest formula that gives the balance in an account with a principal of $1200 that earns interest at the rate of 3.9% compounded monthlly is a. What takes the place of b in the compound interest formula? 12t 0.039 b= (Do not simplify.) A = 1200 • Compare this formula to the exponential equation A = 1200 • b'. 12 a. What takes the place of b in the compound interest formula? b. What is the value of the growth factor b? c. What is the effective rate? PDF :cessibility_Lette Sent_.._2020-2 Enter your answer in the answer box and then click Check Answer. PDF 2 parts remaining Check Answe Clear All PDF MAR entcho ODunte C
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