When she was born, tabitha's aunt put $10,000 in a bank account in tabithas name to be saved for her collage education. The account earns 6% annual interest. Write a rule that could be used to calculate the value of the account for any number of years

Question

Mathematics

Michaela Crosby

17 March, 23:03

When she was born, tabitha's aunt put $10,000 in a bank account in tabithas name to be saved for her collage education. The account earns 6% annual interest. Write a rule that could be used to calculate the value of the account for any number of years

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Jaliyah Newton · Answer 1

value after years = (starting value) * (1+annual interest) ^ (number of years)

Step-by-step explanation:

for one year value multiply base value by 1.06 (+6%).

for two year value multiply base value by 1.06 (+6%) and then multiply the result by 1.06 (+6%).

hence for X year value multiply base value by 1.06 in a power of X. in other words, you have to multiply 10000 by 1.06 so much times how much years have passed.