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$490 is invested in an account earning 8.1% interest (APR), compounded monthly. Write a function showing the value of the account after tt years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year (APY), to the nearest hundredth of a percent.

 Feb 2, 2022
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To give a little hint, the formula of interest rate to get the money you have is: \(A = P(1 + {r\over n})^{nt}\) where:

 

A = Amount you have after a certain period of time.

P = Original amount, principal amount.

r = Annual interest rate.

n = Number of times the interest compounds each year.

t = time in years.

 

Hope that helps and gives you a little lift on how to get started with this problem :)

 Feb 3, 2022

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