A savings account compounds interest, at a rate of 17%, once a year. John puts $1,000 in the account as the principal. How can John set up a function to track the amount of money he has?

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Verified Answer :

toporc toporc · Answer 1 · 2016-07-21T14:52:33-04:00

The amount after t years be can be found by using the following function of t:
$f(t)=1000(1+0.17)^{t}$

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JackelineCasarez JackelineCasarez · Answer 2 · 2019-02-05T21:04:37-05:00

Answer:

The function to track the amount is $y = a (1+r)^{t}$ and the value of amount is $1170 .

Step-by-step explanation:

As given

A savings account compounds interest, at a rate of 17%, once a year. John puts $1,000 in the account as the principal.

The function is defined as

$y = a (1+r)^{t}$

Where a is the principle value , r is the rate of interest in the decimal form and t is the time in years .

P = $1000

17% is written in the decimal form .

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= 0.17

r = 0.17

t = 1 years

Put all the values in the function

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y = $1170

Therefore the function to track the amount is $y = a (1+r)^{t}$ and the value of amount is $1170 .