Algebra 2 (1st Edition)

Published by McDougal Littell
ISBN 10: 0618595414
ISBN 13: 978-0-61859-541-9

Chapter 7 Exponential and Logarithmic Functions - 7.1 Graph Exponential Growth Functions - 7.1 Exercises - Skill Practice - Page 483: 29


$800(1+\frac{0.02}{365})^{365\cdot t}$

Work Step by Step

The amount can be obtained by the formula $A=P(1+\frac{r}{n})^{nt}$ where $P$ is the initial amount, $r$ is the annual interest rate which is compounded $n$ times per year over $t$ years. Hence here: $A(t)=P(1+\frac{r}{n})^{nt}=800(1+\frac{0.02}{365})^{365\cdot t}$
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