Question

Given $12, 107 is a deposit in an account that earns 5.3% interest that is compounded montaly. Write a function that models the amount in the account after t years. And what is the value of the account after 11 years?

Answer 1

`f(t) = 12107 {(1 + (.053)/(12)) }^(12t)`

`f(t) = 21660.71`

After 11 years, the account has $21,660.71.