Detarrius R.

asked • 01/18/23

7800 dollars is placed in an account with an annual interest rate of 6.5%. How much will be in the account after 29 years, to the nearest cent?

delta math 11 grade

Mark M.

Is this simple of compoud interest?
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01/18/23

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01/22/23

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JACQUES D. answered • 01/18/23

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The equation is P = (7800)(1.065)29


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Detarrius R.

that was right but wrong its Exponential Functions: Exponential Functions: � = � � � y=ab x � = starting value = 7800 a=starting value = 7800 � = rate = 6.5 % = 0.065 r=rate = 6.5%=0.065 Exponential Growth: Exponential Growth: � = 1 + � = 1 + 0.065 = 1.065 b=1+r=1+0.065=1.065 Write Exponential Function: Write Exponential Function: � = 7800 ( 1.065 ) � y=7800(1.065) x Put it all together Plug in time for x: Plug in time for x: � = 7800 ( 1.065 ) 29 y=7800(1.065) 29 � = 48443.2451378 y=48443.2451378 Evaluate � ≈ 48443.25 y≈48443.25 round
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01/19/23

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