Suppose that $63,000 is invested at 4 % interest, compounded quarterly a) Find t

Question

Suppose that $63,000 is invested at 4 % 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 att-0, 3, 5, and 10 years. a) The function for the amount to which the investment grows afer t years is A() (Simplify your answer. Type an expression using t as the variable.) b) Find the amount of money in the account at t-0, 3, 5, and 10 years. The amount of money in the account at t = 0 years is Round to the nearest dollar as needed.) The amount of money in the account at t#3 years is $ Round to the nearest dollar as needed.) The amount of money in the account at t#5 years is S (Round to the nearest dollar as needed.) The amount of money in the account at t = 10 years is s (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes.

Explanation / Answer

formula after t years is given by

A(t) = 63000 ( 1 + 0.045/4 ) ^4t

A(t) = 63000 ( 1.01125 )^4t

a) amount of money at t = 0

A(t) = 63000 ( 1.01125 )^4(0)

= $ 63000

b) amount of money at t = 3

A(t) = 63000 ( 1.01125 )^4(3)

A(t) = $ 72051

c) amount of money at t = 5

A(t) = 63000 ( 1.01125 )^4(5)

A(t) = $ 78797

d) amount of money at t =10

A(t) = 63000 ( 1.01125 )^4(10)

A(t) = $ 98556

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