Problema Solution
The amount of money, A(t) in a savings account that pays 6% interest, compounded quarterly for t years, when an initial investment of $2000 is made, is given by
A(t)=2000(1.05)^(4)(t)
Answer provided by our tutors
Yes, what should be done with the formula?
If you wish to find out how much money has accumulated after 't' years, then replace 't' with the number of years and solve for "A(t)".
If you wish to find out how many years it would take to accumulated some amount of money, then replace "A(t)" with that amount of money and solve for 't'.