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Write a compound interest function to model each situation. Then find the balance after the given number of years.

$50,000 invested at a rate of 3% compounded monthly; 6 years

$43,000 invested at a rate of 5% compounded annually; 3 years

$65,000 invested at a rate of 6% compounded quarterly; 12 years​

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AnimalPost

Answer:

See explanation

Step-by-step explanation:

The standard compound interest formula is [tex]A = P(1+\frac{r}{n})^{nt}[/tex] where:

P is the principal amount

r is the interest rate (typically as a percentage)

t is the time

n is the times compounded per unit of time

So,

1)  [tex]A = 50000(1+\frac{0.03}{12})^{(12)(6)} =59847.42[/tex]

2) [tex]A = 43000(1+\frac{0.05}{1})^{(1)(3)} =49777.88[/tex]

3) [tex]A = 65000(1+\frac{0.06}{4})^{(4)(12)} =132826.08[/tex]

You should check my answers though, I may have mixed up some terms.

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