Notes: Compound Interest
Ex 3: Write a compound interest function to model the situation. Then find the balance after the given number of years. $1200 invested at a rate of 3.5% compounded quarterly; 4 years Step 1 Write the compound interest function for this situation. Step 2: Substitute 1200 for P, 0.02 for r, and 4 for n, 3 for t. Simplify. =12001+ 0.035 4 4(4) ................
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