Answered

A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.

AWrite an equation to represent the amount of money in the account as a function of time in years.
BFind the amount of time it takes for the account balance to reach $800.

Verified Answer :

Aliwohaish12
AA=500(1+0.015)^t
b)800=500(1.015)^t
800/500=1.015^t
t=log(800/500)/log(1.015)
t=31.6 years

a. The equation to represent the amount of money in the account as a function of time in years is \(A=500(1+0.015)^t\).

b. The amount of time is 31.6 years.

  • The calculation is as follows:

a. The equation is

\(A=500(1+0.015)^t\)

b. The amount of time it takes should be

\(800 = 500(1.015)^t\\\\800 \div 500=1.015^t\\\\t=log(800\div 500)\div log(1.015)\)  

=31.6 years

Therefore we can conclude that

a. The equation to represent the amount of money in the account as a function of time in years is \(A=500(1+0.015)^t\).

b. The amount of time is 31.6 years.

Learn more: brainly.com/question/6201432

Related Questions