Question

Maureen deposited $19,000 at 11 percent interest compounded annually.
(a) Writean equation that expresses the amount of money in the account as a function of n, where n equals the number of years since the original deposit was made.
(b) Use the equation in (a) to determine how much money is in the account at the end of n = 8 years.
(c) What was the total interest earned at n = 8 years?

Answer 1

got anything?

Answer 2

rudi got anything?

Answer 3

(a) A = P(1 + i)^n

A - is the final amount
P - is the initial amount(money deposited)
i - is the interest rate(always written in decimal form)
n - is the number of years

am not sure. Is this what you looking for?

Answer 4

sure

Answer 5

its good enough thank u

Answer 6

ok that's for number (a)...let me do other questions

Answer 7

ok

Answer 8

Rudi..? by chance do you know how to enter that formula into graphing calc.

Answer 9

At the en of 8 years.

A= unknown
p = $19,000
n = 8 years
i = r/100 = 11/100. There for i = 0.11

From here, we will substitude the given data on our equation A = P(1+ i)^n

try it..

Answer 10

total interest earned?

Answer 11

Total interet earned (I) = Total amount (A) - Initial amount (P)

use this equation

Answer 12

Did you get the answer to number (b) ?

Answer 13

yeah give me the numbers for the total interest

Answer 14

total interest for n = 8 years

Answer 15

A= 19,000 (1+0.11)^8

Answer 16

remember that all the numbers are on your question(refer back to the question) and the final amount aka total amount is the answer in (b).

i.e. A = $43786.22
p = $ 19000

Answer 17

I = A - p
= 43786.22 - 19000
= 24786.22

This means Maureen earned a total interest of $24786.22 at the end of 8 years