Notes: Compound Interest
Ex 2: Write a compound interest function to model the situation. Then find the balance after the given number of years. $15,000 invested at a rate of 4.8% compounded monthly; 2 years Step 1 Write the compound interest function for this situation. Step 2: Substitute 1200 for P, 0.02 for r, and 4 for n, 3 for t. Simplify. =150001+ 0.048 12 12(2) ................
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