The amount of money in an account is given by A = P(1+r)*, where Pis the principal invested, r is the interest rate (as a decimal), and t is the time of the investment. Find the amount at the end of (t=) 2 years if (P=) $600 is invested at 5% (r=0.05). Use appropriate units and round to the nearest cent.
The amount of money in an account is given by A = P(1+r)*, where Pis the principal invested, r is the interest rate (as a decimal), and t is the time of the investment. Find the amount at the end of (t=) 2 years if (P=) $600 is invested at 5% (r=0.05). Use appropriate units and round to the nearest cent.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.1: Equations
Problem 70E
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Transcribed Image Text:The amount of money in an account is given by A = P(1+r)*, where
Pis the principal invested, r is the interest rate (as a decimal), and t is
the time of the investment.
Find the amount at the end of (t=) 2 years if (P=) $600 is invested at 5%
(r=0.05). Use appropriate units and round to the nearest cent.
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8
60
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The given function is,
Given the t=2, P=600 and r=0.05
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