the exponential expression to find the value of the cd, in dollars, after t years will be:
step-by-step explanation:
formula of compound interest: , where final value after years, initial value, rate of interest in decimal and number of compounding in a year.
oliver plans to purchase a $1,500 certificate of deposit (cd) at his bank. that means,
the cd will earn 2.3% interest, compounded semi-annually.
so, and
now, plugging these values into the above formula, we will
(rounded to the nearest ten-thousandth)
so, the exponential expression to find the value of the cd, in dollars, after t years will be: