Bradley Salazar
03/16/2024 · Primary School
Suppose that \( \$ 58,000 \) is invested at \( 5 \frac{1}{2} \% \) interest, compounded quarterly. a) Find the function for the amount to which the investment grows after \( t \) years. b) Find the amount of money in the account at \( t=0,4,6 \), and 10 years. a) The function for the amount to which the investment grows after \( t \) years is \( A(t)=\square \) (Simplify your answer. Type an expression using \( t \) as the variable.)
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a) \( A(t) = 58000 \left(1.01375\right)^{4t} \)
b) At \( t = 0 \): \( A(0) \approx 58000 \); At \( t = 4 \): \( A(4) \approx 71514 \); At \( t = 6 \): \( A(6) \approx 78284 \); At \( t = 10 \): \( A(10) \approx 92858 \)
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