## On the day Alexander was born, his father invested \$5000in an account with a 1.2% annual growth rate. Write a function, A(t) that represents

Question

On the day Alexander was born, his father invested \$5000in an account with a 1.2% annual growth rate. Write a function, A(t) that represents the value of this investment t year after Alexander’s birth. Determine, to the nearest dollar, how much more the investment will be worth when Alexander turns 32 that when he turns 17.
The investment will be worth\$ Answer more when alexander turns 32 than when he turns 17

in progress 0
2 weeks 2021-09-12T14:04:26+00:00 1 Answer 0

Equation:

Worth more in 32 yr than in 17 yr by:  \$1199.92

Step-by-step explanation:

THe compound growth formula is:

Where

F is the future amount (here, A(t))

P is the initial amount, here 5000

r is the rate of growth in decimal, 1.2% = 1.2/100 = 0.012

n is the time in years

Thus, we can say the function would be:

Now, we want how much more it will be worth when 17 years and 32 years. We find the future amount, A(t), when n= 17 and n = 32 and find the difference. Shown below:

and

So, it will be worth more by:

7323.97 – 6124.05 = \$1199.92