Question

you deposit 2800 in a savings account that earns 1% annual intrest compounded semiannually.Write a function that represents the balance after t years

Answer 1

Function for compound interest:

Amount = Initial amount * ( 1 + (r/n) ) ^ (nt)

where r = interest rate per year, n = period per year

n = 2, r = 0.01

Answer:  F(t) = 2,800 * [ 1 + (0.01/2) ] ^ 2t

Answer 2

The function which represent the given situation for Amount by compound interest is $A = 2800 X 1.005^{2t}$

What is Compound Interest?

Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.

Here, P = $2800

         I = 1 % compounded semiannually = 0.5 % = 0.005

        Time = t years

        n = 2t semi-years

We know that,

$A = P(1+i)^n$

$A = 2800 ( 1 + 0.005 )^{2t}$

$A = 2800 X 1.005^{2t}$

Thus, The function which represent the given situation for Amount by compound interest is $A = 2800 X 1.005^{2t}$.

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