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Think about it If someone has $100 in a bank account gaining 2% interest each MONTH, this would be their equation to find out how much money they will have in years: P(1+ :)* nt -100(1+ 끓)1216) A = 1 + What is 100 in the problem? Where does .02 come from? Why the 5 and what is the 12?

Think about it If someone has $100 in a bank account gaining 2% interest each MONTH, this would be their equation to find out how much money they will have in years: P(1+ :)* nt -100(1+ 끓)1216) A = 1 + What is 100 in the problem? Where does .02 come from? Why the 5 and what is the 12?

Algebra and Trigonometry (6th Edition)
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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Think about it If someone has $100 in a bank account gaining 2% interest each MONTH, this would be their equation to find out how much money they will have in 5 years: r nt A= P[1+ 12(5) 100(1 + 2(6) .02 What is 100 in the problem? Where does .02 come from? Why the 5 and what is the 12?
Transcribed Image Text:Think about it If someone has $100 in a bank account gaining 2% interest each MONTH, this would be their equation to find out how much money they will have in 5 years: r nt A= P[1+ 12(5) 100(1 + 2(6) .02 What is 100 in the problem? Where does .02 come from? Why the 5 and what is the 12?
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