Question

You deposit money into a saving account that earns interest. The balance Bo f the account after t years is given by B=1200*1.05^t dollars. a. Make a t

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asked 2021-02-19
You deposit money into a saving account that earns interest. The balance Bo f the account after t years is given by \(\displaystyle{B}={1200}\cdot{1.05}^{{t}}{d}{o}{l}{l}{a}{r}{s}.\)
a. Make a table that shows the account balance for years 0 through 10.
b. You want to buy a home entertainment center that costs $1500. How long will you need to wait to have enough money in your savings account? Report your answer to the nearest whole year.

Answers (1)

2021-02-20

a. Using the given formula, substitute \(t=0\) through \(t=10\). The balance should be in dollars:
\(t | B\ \text{(dollars)}\ 0 | 1200 1 | 1260 2 | 1323 3 | 1389.2 4 | 1458.6 5 | 1531.5 6 | 1608.1 7 | 1688.5 8 | 1772.9 9 | 1861.6 10| 1954.7\)
b.From the table in part (a), you will have at least $1500 after 5 years \((t=5)(t=5)\).

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