Scott invests $1000 at a bank that offers 6% compounded annually. Write an equation to model the growth of the investment.

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asked Dec 17, 2018 41.7k views

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Jayx · Answer 1 · 2018-12-19T08:40:41+0000

Ircuthbert AmbitiousYou can use A=P(1+(r/n))^(nt)
n=homany times it is compounded a year: 1 annually
t=time in years
r=rate: 6% or .06
A=Final Amount
P=principle amount

A=1000(1+(.06/1))^(1*t)

Scott invests $1000 at a bank that offers 6% compounded annually. Write an equation to model the growth of the investment.

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