Answer:
Function to model the amount of money;
[tex]A=350(1.02)^{4n}[/tex]
Value after 8 years;
[tex]A=350(1.02)^{32}[/tex]
= $ 659.60
Step-by-step explanation:
We apply the compound interest formula;
[tex]A=P(1+r)^{n}[/tex]
A represents the amount, P the principal invested, r is the effective rate applicable per time period and n is the time or duration.
Function to model the amount of money;
[tex]A=350(1.02)^{4n}[/tex]
Value after 8 years;
[tex]A=350(1.02)^{32}[/tex]
= $ 659.60
