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A person invests $8000 in an account at 3% compounded annually. The value V (in $) of the account after t years is described by V=5000(1.03)^t. Find the value of the account after 6 years.

Respuesta :

The expression that represent the amount of money in t years then is:

[tex]V=5000(1.03)^t[/tex]

So in 6 years we replace t = 6 so:

[tex]\begin{gathered} V=5000(1.03)^6 \\ V=5970.26 \end{gathered}[/tex]

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