Answer:
The function equation represents the balance of the account after t years is
\(y = 3500 (1.035)^{t}\)
Step-by-step explanation:
The function is defined by
\(y = a (1 + r)^{t}\)
Where a is the initial value, r is the rate in the decimal form and t is the time.
As given
Franklin deposits $3500 in an account that earns 3.5% interest compounded annually.
Here
a = $3500
3.5% is written in the decimal form.
\(= \frac{3.5}{100}\)
= 0.035
r = 0.035
Time = t years
Put in the function
\(y = 3500 (1 + 0.035)^{t}\)
\(y = 3500 (1.035)^{t}\)
