loveyeti106838
21.04.2020 •
Mathematics
Tony is evaluating his retirement savings. He currently has $318,000 in his account which earns an interest rate of 7% compounded annually. He wants to determine how much he will have in the account in the future, even if he makes no additional contributions to the account.
1) Write a function, A(t), to represent the amount of money that will be in his account in t years.
2) Graph A(t) where 0≤t≤20 on a set of axes
3) Tony's goal is to save $1,000,000. Determine algebraically, to the nearest year, how many years it will take for him to achieve his goal.
4) Explain how your graph of A(t) confirms your answer.
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Ответ:
(1)
(3)t=16.93 years
Step-by-step explanation:
For a Principal Saved at Compound Interest, the Amount accrued is derived by the function:
When:
(1)P=$318,000
r=7%=0.07
(2)See Attachment
(3)If Tony's goal is to save $1,000,000.
(4)The graph confirms the result as the $1000000 Mark on the y-axes occurs almost at x=17
Ответ:
x=19
Step-by-step explanation: