Question

you have 700 dollars in your bank account. Suppose your money is compounded every month at a rate of 0.5 percent per month.
(a) How much do you have after t years. you have 700 dollars in your bank account. Suppose your money is compounded every month at a rate of 0.5 percent per month.
(a) How much do you have after t years. @Mathematics

Answer 1

\[700\times (1.005)^{12t}\]

Answer 2

go to my question do u know the answer

Answer 3

1.005 or 1.05

Answer 4

its 1.05

Answer 5

how do i solve for t tho

Answer 6

not if it is .5% is isn't

Answer 7

hi

Answer 8

if it is .5% then you use
\[1.005\] because .5%=.005

Answer 9

you cannot solve for t, unless you have an equation.

Answer 10

the answer wants as a function of t tho

Answer 11

got it

Answer 12

never mind,

Answer 13

i wrote a function of t. it is
\[F(t)=700\times (1.005)^{12t}\]

Answer 14

ya i was being stupid lol

Answer 15

if the next question is "how long" you will have to use logs

Answer 16

no the next question how much in 80 years, dont i just put 80 for t?

Answer 17

80 months*

Answer 18

wait never mind lol another stupid question

Answer 19

no not 80 since the function was for years not months

Answer 20

but i divided 80 by 12 and got like 6.66666667 then put that into t and it said it was worng

Answer 21

try using
\[700(1.005)^{80}\]

Answer 22

http://www.wolframalpha.com/input/?i=700%281.005%29%5E%2880%29

Answer 23

hahahah i swear i tried that

Answer 24

wait hold the phone

Answer 25

that was it

Answer 26

first question was about years right?

Answer 27

which is why i had that
\[12t\] in the exponent

Answer 28

ya i understand

Answer 29

now it gives you months. don't divide by 12 to get years, then you will just have to multiply by 12 again!

Answer 30

ok got it