Question

The function A = P(1 + r)t gives the total amount of money in an account with principal P after t years of earning an annual interest rate of r, compounded annually.


Which function can be used to determine the total amount in any account like this with an annual interest rate of 2% after 15 years, given the principal?



A(P) = P(1 + 15)2

A(P) = P(1 + 0.02)15

A(t) = 2(1 + 15)t

A(t) = 15(1 + 0.02)t

Answer 1

.02 is equivalent to \[2/100\] right?

Answer 2

That being so we've narrowed it down to 2 answers... now we know that years is the variable "t" so in other words "t" becomes 15.

Answer 3

So between C and D

Answer 4

Yes, now the order of the equation is \[A=P(1+r)t\] now we know that t is the number of years (15) and we're multiplying the quantity \[A=P(+1.02)\] by "t" (15) that being said which one do you think it is?

Answer 5

D?

Answer 6

You're forgetting that the variable "t" translates to 15 and there's no change to the variable "P"

Answer 7

Is the "t" in the formula supposed to be a superscript (exponent)?

Answer 8

yes @Directrix

Answer 9

So if \[t=15\] and the equation is\[A=P(1+0.02)t\] then what would we end up with?

Answer 10

t is supposed to be an exponent to in the answer chocices