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Chapter 6 Quiz Review Algebra video 4

Added Feb 19, 2016 •

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okay I would like to go through this problem rather quickly just because I know you guys have a quiz that I want you to take today and so I didn't write down the whole problem is but it says you deposited $500 in the savings account that earns 7% interest compounded annually write a function represents the balance after T years and then what is the balance after 2 years so first we just have to write a function it does use the word compounded so I equals p 1 + r / n  to the NT power payment to pull out the information p is your initial amount which was 500 are is still your percent so 7% move the decimal point over twice 07 mm says compounded which means that and equals 1 annually means once a year I'm still here  now I'm just going to plug it into equation and then simplify a little bit so 500 1 + .07 over 1 to the one 1 divided into .07 is just .07 so this equals 500 + .07  to the T power cuz one x t is just going to give UT what can be a capital T answer of y equals 500 1.07 to the cheap power and that would be your final answer for the first part of the question that says right including the question says what is balance after 2 years so I'm going to plug into 40 sorry y equals 500 one point 7  to the 2 power and then I'm just going to plug that into my calculator one point 7 to the second power equals 1.14 for 9 one point 1449 and 500 500 * 1.144 is 570 .45 that is the balance after 2 years  who does composite if you need to I'm going to move on okay don't know what this is turn the next page

Uploaded by Lauren Stouffer.

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Chapter 6 Quiz Review Algebra video 4

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