Fred's bank account balance started with 325$. he has an annual interest rate of 4%. he wants to know how much money he will have in his account in 12 years.

Question

Mathematics

Bibbles

11 May, 03:17

Fred's bank account balance started with 325$. he has an annual interest rate of 4%. he wants to know how much money he will have in his account in 12 years.

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Answers (2)

Know the Answer?

Kayla Carney · Answer 1

481

Step-by-step explanation:

325 *.04 = 13

13 (simple intrest) * 12 (years) = $156

$156 + $325 = 481

Desmond Ochoa · Answer 2

the equation (in t (n) form) is t (n) = 325 (1.04) to the 12th exponent. otherwise the answer is 520.34 if you round up the half cent.

Step-by-step explanation:

325 is the starting value, or figure 0. 1.04 is the multiplier because it is growing buy. 04 and you need to add in the 1 otherwise it'd decrease by 96% each time.