3) Kristin's grandparents started a savings account for her when she was born. They invested $500 in an account that pays 8% interest compounded annually. Write an equation to model the amount of money in the account on Kristin's xth birthday. a. b. How much money is in the account on Kristin's 16th birthday? (Show how you got your answer!)

The total amount accrued, principal plus interest, with compound interest on a principal of $500.00 at a rate of 8% per year compounded 1 times per year over 16 years is $1,712.97.

Compound interest

Given Data

Principal = $500

Rate = 8%

Time = 16 years

A = P + I where

P (principal) = $500.00

I (interest) = $1,212.97

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 8/100

r = 0.08 rate per year,

Then solve the equation for A

A = P(1 + r/n)^nt

A = 500.00(1 + 0.08/1)^(1)(16)

A = 500.00(1 + 0.08)6(16)

A = $1,712.97

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