In 2002, a principal of $1600 was invested at 3.25% interest, compounded annually.
Let t be the number of years since 2002. Let y be the value of the investment, in dollars.
Write an exponential function showing the relationship between y and t.

y = 1600(1.0325)^t

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

y = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = $1600

r = 3.25% = 3.25/100 = 0.0325

n = 1 because it was compounded once in a year.

Therefore, the exponential function showing the relationship between y and t is

y = 1600(1 + 0.0325/1)^ 1 × t

y = 1600(1.0325)^t

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