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Julie is opening a savings account at a bank that offers new clients 0.1% interest compounded quarterly. She deposits $1,700 when she opens the account.

Write an exponential expression in the form a(b)c, where b is a single value, to find the amount of money, in dollars, that will be in the account after t years. Round any decimals to the nearest hundred-thousandth and do not include dollar signs in the expression.

Respuesta :

Edufirst
0.1% compounded quaterly means (0.1%/4) 4 times in a year

0.1% / 4 =  0.001 /4 = 0.00025

=> Formula =  Initial investment * (1 + 0.00025) ^(n), where n is the number of years.

=> 1,700 (1 + 0.00025) ^ c, where c is the number of years <---- answer

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