11 Grade Algebra

B_Week 3 Written Assignment 1: Exponential Growth & Decay Application Problems

You deposit $1600 in a bank account. The account pays 2.5% annual interest compounded monthly (12 times a year). What is the balance after 3 years? (Remember to round to 2 decimal places – since we’re talking about MONEY).

Use , where:

A= the total amount after, t, years.

P= The principal amount (initial amount)

r= the annual rate of interest

n= number of compounded periods.

t=time

In the formula, t= Choose an item.

In the formula, P = Choose an item.

In the formula, n = Choose an item.

In the formula, r =Choose an item.

· Show how you plugged in your values into the equation in the space below (Double click on the formula below to show how you plugged in your numbers.).

· What variable are we solving for? Choose an item.

· Solve for the missing variable. Remember to express your answer in dollar amounts! (Double click on the formula below to show all of your work!!!)