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anonymous

  • one year ago

A savings account compounds interest, at a rate of 15%, once a year. Elizabeth puts $800 in the account as the principal. How can Elizabeth set up a function to track the amount of money she has?

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  1. anonymous
    • one year ago
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    Do you know the formula for compound interest?

  2. anonymous
    • one year ago
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    \[F = P (1+\frac{ r }{ n })^{nt}\]

  3. anonymous
    • one year ago
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    Oh i remember now, thank you

  4. anonymous
    • one year ago
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    F is your future value. r is the annual rate, n is the number of compounds per year, t is the time in years

  5. anonymous
    • one year ago
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    Great. Do you know how to write the equation?

  6. anonymous
    • one year ago
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    yes

  7. anonymous
    • one year ago
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    Welcome to OpenStudy! If you believe this response was helpful, please feel free to award a medal.

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