Question

Please Help Me!!!
$1,000 is invested at a rate of 3.25%, compounded annually. Identify the compound interest function that models the situation. Then find the balance after 8 years.
A = 1000(1.03)4t ; $1,249.18
A = 1000(13.26)4t ; $1,259.18
A = 1000(1.0325)t ; $1,291.58
A = 1000(1.0325)t ; $1,270.18

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\ 1000\\ r=rate\to r\%\to \frac{r}{100}\to &0.0325\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &t \end{cases}$

$\bf A=1000\left(1+\frac{0.0325}{1}\right)^{1\cdot t}\implies \boxed{A=1000(1.0325)^t} \\\\\\ \stackrel{\textit{8 years, t = 8}}{A=1000(1.0325)^8}\implies A\approx 1291.5775$