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Julie is opening a savings account at a bank that offers new clients 0.1% interest compounded quarterly. She deposits $1,700 when she opens the account.

Write an exponential expression in the form a(b)c, where b is a single value, to find the amount of money, in dollars, that will be in the account after t years. Round any decimals to the nearest hundred-thousandth and do not include dollar signs in the expression.

Respuesta :

[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$1700\\ r=rate\to 0.1\%\to \frac{0.1}{100}\to &0.001\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\to &4\\ t=years \end{cases} \\\\\\ A=1700\left(1+\frac{0.001}{4}\right)^{4\cdot t}\implies A=1700(1.00025)^{4t}[/tex]

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