Answer:
Ans16.
a=500$
r=R/100=3.5/100=0.035
[tex]A(t)=500(1.035)^{t}[/tex]
Ans17. for table,
For x=4, y=573.761
For x=5, y=593.843
For x=6, y=614.627
For x=7, y=636.139
For x=8, y=658.404
Ans18.
After t=7.6238 years.
Step-by-step explanation:
You invest $500 in a savings account that pays 3.5% annual interest
The compound interest is given by [tex]A(t)=a(1+\frac{R}{100} )^{t}[/tex]
Where, a=Principal amount, t= number of year, R= Rate of interest and
A(t)= Principal amount + Interest
16. Compare the model:
The compound interest is given by [tex]A(t)=a(1+\frac{R}{100} )^{t}[/tex]
Given that a=500$
and Rate of interest R=3.5
Therefore r=R/100=3.5/100=0.035
Also, [tex]A(t)=a(1+\frac{R}{100} )^{t}[/tex]
[tex]A(t)=500(1+0.035)^{t}[/tex]
[tex]A(t)=500(1.035)^{t}[/tex]
17. Using the Table:
Take x=t and y=A(t)
For x=4,
[tex]y=500(1.035)^{4}[/tex]
[tex]y=573.761[/tex]
Similarly,
For x=5, y=593.843
For x=6, y=614.627
For x=7, y=636.139
For x=8, y=658.404
18. Amount A(t) will count 650$ when t=?
Using given equation,
[tex]A(t)=500(1.035)^{t}[/tex]
[tex]650=500(1.035)^{t}[/tex]
Take log both side,
[tex]log(1.3)=t \times log(1.035)[/tex]
[tex]0.1139=t \times 0.01494[/tex]
t=7.6238 years.
