Compound interest are used to determine interest on deposits
The balance as a function of time is [tex]y = 2000 * (0.2625)^{4t}[/tex]
How to determine the function
The given parameters are:
Principal, P = $2000
Rate, r = 5%
n = 4, (quarterly)
The amount remaining is calculated as:
[tex]A = P * (1+ r/n)^{nt}[/tex]
So, we have:
[tex]A = 2000 * (1+ 5\%/4)^{4t}[/tex]
Simplify
[tex]A = 2000 * (0.2625)^{4t}[/tex]
Rewrite as:
[tex]y = 2000 * (0.2625)^{4t}[/tex]
Hence, the balance as a function of time is [tex]y = 2000 * (0.2625)^{4t}[/tex]
Read more about compound interest at:
https://brainly.com/question/2455673
