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You deposit 2800 in a savings account that earns 1% annual intrest compounded semiannually.Write a f...
4 months ago
Q:
you deposit 2800 in a savings account that earns 1% annual intrest compounded semiannually.Write a function that represents the balance after t years
Accepted Solution
A:
Function for compound interest:
Amount = Initial amount * ( 1 + (r/n) ) ^ (nt)
where r = interest rate per year, n = period per year
n = 2, r = 0.01
Answer:Β F(t) = 2,800 * [ 1 + (0.01/2) ] ^ 2t