1700(1.01)^t*4
you don't want just the interest so you add a 1 to the percentage when you put it into the equation
Answer:
[tex]A=1700(1.00025)^{4t}[/tex]
Step-by-step explanation:
Julie is opening a savings account at a bank that offers new clients 0.1% interest compound quarterly.
She deposits 1,700 when she opens the account.
Compound interest formula = [tex]A=P(1+r/n)^{nt}[/tex]
P = 1700
r = 0.1% or 0.0001
n = 4
Putting the values in formula, we get
[tex]A=1700(1+0.001/4)^{4t}[/tex]
[tex]A=1700(1.00025)^{4t}[/tex]
Hence, the amount of money, in dollars, that will be in the account after t years is given by : [tex]A=1700(1.00025)^{4t}[/tex]
