Regents High School Examination - Mathematics B Worksheet - The University Of The State Of New York, 2004 Page 12
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2828 An amount of P dollars is deposited in an account paying an annual
interest rate r (as a decimal) compounded n times per year. After
t years, the amount of money in the account, in dollars, is given by the
r
nt
(
)
equation A = P
1 +
.
n
Rachel deposited $1,000 at 2.8% annual interest, compounded
monthly. In how many years, to the nearest tenth of a year, will she
have $2,500 in the account? [The use of the grid on the next page is
optional.]
[12]
Math. B – Aug. ’04
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