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24 February, 21:02

Shota invests $2000 in a certificate of deposit that earns 2%, percent in interest each year. Write a function that gives the total value V (t) in dollars, of the investment t years from now.

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Answers (2)
  1. 24 February, 22:42
    0
    The value after t years will be given by compound interest formula given by:

    A=P (1+r) ^n

    where:

    A=future value

    P=principle

    r=rate

    n=number of years

    Thus plugging in our values we get:

    V (t) = 2000 (1+2/100) ^t

    simplifying this gives us:

    V (t) = 2000 (1.02) ^t

    Answer: V (t) = 2000 (1.02) ^t
  2. 25 February, 00:37
    0
    For this case we have a function of the form:

    y = A (b) ^ t

    Where,

    A: initial amount

    b: growth rate

    t: time

    Substituting values we have:

    V (t) = 2000 (1.02) ^ t

    Answer:

    a function that gives the total value V (t) in dollars, of the investment t years from now is:

    V (t) = 2000 (1.02) ^ t
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