Question

Shota invests $2000 in a certificate of deposit that earns 2, percent interest each year write a function that gives the total value v(t) in dollars, of the investment t years from now

Answer 1

V(t)=2000(1.02)^t function that gives the total value in dollars of the investment t years from now given that Shota invests $2000 in a certificate of deposit that earns 2 percent interest each year. This can be obtained by using the formula of compound interest formula.

What is the required function?

Equation of compound interest compounded yearly,

A = P(1 + R/100)^t

where,

A = amount

P = principal amount

R = rate

t = number of years

Given that P = $2000, R = 2%, number of years = t,

V(t) = 2000(1+2/100)^t

V(t) = 2000(1+0.02)^t

V(t) = 2000(1.02)^t

Hence V(t)=2000(1.02)^t function that gives the total value in dollars of the investment t years from now given that Shota invests $2000 in a certificate of deposit that earns 2 percent interest each year.

Learn more about compound interest here:

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