Solved

For Accounts Where Interest Is Compounded Annually, the Amount a Accumulated

Question 19

Short Answer

For accounts where interest is compounded annually, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + r)t. Find t when A = $994.93, p = $850, and r = 6.5%. Round your answer to the nearest tenth.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q14: Write the equation in logarithmic form. 2<sup>4</sup>

Q15: Determine whether the graph is that of

Q16: Compute <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3307/.jpg" alt="Compute .

Q17: Use a calculator to evaluate ln 401,

Q18: Solve the exponential equation. 27<sup>x</sup><sup> + 2

Q20: Use the following to answer questions :<br>A

Q21: The radioactive element americium-241 has a half-life

Q22: Write the equation in the simplified form

Q23: Graph the exponential function. f(x) = e<sup>-x</sup><sup>

Q24: Solve using any appropriate method. Clearly identify