Rhonda deposited $3000 in an account in the merrick national bank earning 4.2% interest, compounded annually. She made no deposits or withdrawals. Write an equation that can be used to find B, her account balance after t years
B = P x (1 + R)^t
P = Staring Amount
R = Interest Rate
T = Time
B = Balance
B = $3000 x 1.042^t
The equation that can used to find Rhonda's account balance after t years is \(A = 3000(1+0.042)^{t}\).
Compound interest is an interest accumulated on the principal and interest together over a given time period. The interest accumulated on a principal over a period of time is also accounted under the principal.
\(A = P(1+\frac{r}{n}) ^{nt}\)
Where,
A is final amount
P is the initial principal balance
r is interest rate
n is number of times interest applied per time period
t is the number of time periods elapsed
According to the given question we have,
Initial principal balance, P = $3000
Interest rate, r = 4.2% = 4.2/100 = 0.042
n = 1, (compounded annually)
time period = t
Therefore, Rhonda's account balance after t years is given by
\(A = 3000(1+\frac{0.042}{1}) ^{t}\)
⇒ \(A = 3000(1+ 0.042)^{t}\)
Hence, the equation that can used to find Rhonda's account balance after t years is \(A = 3000(1+0.042)^{t}\).
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