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A person invested $530 in an account growing at a rate allowing the money to double every 8 years. Write a function showing the amount of money in the account after t years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year, to the nearest hundredth of a percent

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Answer: Amount invested =$530

Amount after 8 years = $530*2 = $1060 (Double in 8 years)

Interest rate(Growth rate)= r

Years = 8

Step 2 Solution

Therefore,

Formula for future value = Present Value *(1+r)n

Based on this function is

Years = t

Function : f(t) = $530 * (1+r)t

Step-by-step explanation:

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