Question

you deposit $8000 in a savings account that earns 4.3% annual interest compounded monthly. You also save $80 per month in a safe at home. write a function for the total amount of money saved C(t) =b (t)+h (t), where b (t) represents the balance of you savings account and h (t) represents the amount in your safe after t years. round any decimals to three places please.

Answer 1

`C(t)=8000(1.004)^(12t)+960t`

Our first function, b(t), is given by:


`\\b(t)=p(1+(r)/(12))^(12t) \\ \\b(t) = 8000(1+(0.043)/(12))^(12t) \\ \\=8000(1+0.004)^(12t) = 8000(1.004)^(12t)`

Our second function, h(t), is given by:
h(t) = 80(12t) = 960t

Together, we have
C(t) = b(t) + h(t)

`C(t)=8000(1.004)^(12t)+960t`