Answer:
a) 25000(1+0.021)^t
b) 1.28 x 10^(57)
Explanation:
To calculate the balance after t days, we can use the following equation:
[tex]A=P(1+i)^t[/tex]
Where P is the initial investment, i is the interest rate daily and t is the number of days.
Therefore, the model for this situation is:
[tex]A=25000(1+0.021)^t[/tex]
Then, if 16 years is equivalent to 5840 days, the balance after 16 years is equal to:
[tex]\begin{gathered} A=25000(1+0.021)^{5840} \\ A=1.28\times10^{57} \end{gathered}[/tex]
