Problema Solution
robert invested $800 in a bank account. the account has an annual rate of 5.5%. how much money will be in the account after 12 years? use formula A(t)=P e^rl
Answer provided by our tutors
A(t)= P e^(rt)
P = $800
r = 0.055 or 5.5%
t = 12
P(12) = 800 e^(0.055*12)
P(12) = $1,547.83
there will be $1,547.83 on the account after 12 years.