Modeling with Exponential and Logarithmic Equations
Question 1 • [INMT3] Integrated Math 3 Sem 1 (26-27)
Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?Compound interest formula:t = years since initial depositn = number of times compounded per yearr = annual interest rate (as a decimal)P = initial (principal) investmentV(t) = value of investment after t years