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Guest
Guest
1) An investment account starting with $4,500 earns interest at the annual rate of 4% compounded annually.
a) Determine the function "f" that gives the balance in the account as a function of the time "t" in years.
f(x) = .04t + 4500 (is this right?)
b) What is the balance in the account after 6 years?
$5580 (is this right?)
2) In 1790, Benjamin Franklin willed $1000 to his beloved city of Philadelphia, to be invested at 4% compounded annually, and to be cashed 200 years later by the city. How much money could the city cash in 1990?
$9040 (is this right?)
a) Determine the function "f" that gives the balance in the account as a function of the time "t" in years.
f(x) = .04t + 4500 (is this right?)
b) What is the balance in the account after 6 years?
$5580 (is this right?)
2) In 1790, Benjamin Franklin willed $1000 to his beloved city of Philadelphia, to be invested at 4% compounded annually, and to be cashed 200 years later by the city. How much money could the city cash in 1990?
$9040 (is this right?)