$10,000 is deposited in a certain account that pays r percent annual interest compounded annually, the amount D(t), in dollars, that the deposit will grow to in t years in given by D(t)=10,000(1+(r/100))^t What amount will the deposit grow to in 3 years?
(1) D(t) = 11,000
(2) r=10
here OA is D but my answer is B as i i think that if we take 1 alone then 1.1 = 1(1+r/100)^t and from this equation we cannot solve for r or t. also i think that here in this equation we cannot put t = 3 to solve for r, coz we don't know that 11,000 is for 3 years.
please elaborate..
(1) D(t) = 11,000
(2) r=10
here OA is D but my answer is B as i i think that if we take 1 alone then 1.1 = 1(1+r/100)^t and from this equation we cannot solve for r or t. also i think that here in this equation we cannot put t = 3 to solve for r, coz we don't know that 11,000 is for 3 years.
please elaborate..
