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$250 is invested in an account earning 6.8% interest (APR), compounded monthly.
Write a function showing the value of the account after t years, where the annual
growth rate can be found from a constant in the function. Round all coefficients in
the function to four decimal places. Also, determine the percentage of growth per
year (APY), to the nearest hundredth of a percent.
Function: f(t)
Growth
% increase per year
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Respuesta :

The function that shows the value of the account after t years is FV = $250(1.0057)^12t.

What is the function that shows the value of the account after t years?

The formula that is used to determine future value with monthly compounding is:

FV = P (1 + r)^nm

Where:

  • FV = Future value
  • P = Present value = $250
  • R = interest rate = 6.8 / 12 = 0.5667%
  • m = number of compounding = 12
  • N = number of years = t

FV = $250(1.0057)^12T

To learn more about future value, please check: https://brainly.com/question/18760477

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