Write an equation that models the amount of money in an account that pays 2.5% annual interest, compounded annually, with an initial investment of $1000. Remember, the formula for the amount of money in an account paying compound interest is: nt A = P(1+ #)" where: A= the amount of money in the account at any time t P = the principal, or the original amount invested in the account r= the annual interest rate n= the number of compounding periods each year t= the number of years

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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Write an equation
Write an eguation that models the amount of money in an account that pays 2.5%
annual interest, compounded annually, with an initial investment of $1000.
Remember, the formula for the amount of money in an account paying compound
interest is:
A = P(1+ )"
where:
A= the amount of money in the account at any time t
P the principal, or the original amount invested in the account
r- the annual interest rate
n = the number of compounding periods each year
t the number of years
Transcribed Image Text:Write an eguation that models the amount of money in an account that pays 2.5% annual interest, compounded annually, with an initial investment of $1000. Remember, the formula for the amount of money in an account paying compound interest is: A = P(1+ )" where: A= the amount of money in the account at any time t P the principal, or the original amount invested in the account r- the annual interest rate n = the number of compounding periods each year t the number of years
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