A high-interest savings account pays 5.5% interest compounded annually. if $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit? sigma-summation underscript n = 1 overscript 10 endscripts 300 (0.055) superscript n minus 1 sigma-summation underscript n = 1 overscript 10 endscripts 305.5 (1.055) superscript n minus 1 sigma-summation underscript n = 1 overscript 10 endscripts 316.5 (0.055) superscript n minus 1 sigma-summation underscript n = 1 overscript 10 endscripts 316.5 (1.055) superscript n minus 1

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abidemiokin abidemiokin · Answer 1 · 2022-05-30T11:29:05+02:00

The summation that represents the money in the account 10 years after the initial deposit is P(10) = 300(1.055)^10

Exponential equations are equations that increase geometrically

The formula for calculating the compound. interest is expressed as:

P(t) = P0(1+r)^t

Given the following

P0 =. $300
r = 5.5% = 0.055

t = 10years

Substitute

P(10) = 300(1+0.055)^10

P(10) = 300(1.055)^10

Hence the summation that represents the money in the account 10 years after the initial deposit is P(10) = 300(1.055)^10

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