suppose you deposit $1000 in a savings account that pays 4.8% interest compounded monthly. Write an exponential function to model the amount of money in your savings account. How much will you have in your account after 2 years?

The exponential function is .

You will have $1,100.55 in the account after 2 years.

Step-by-step explanation:

Compound interest:

The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

Deposit $1000 in a savings account that pays 4.8% interest compounded monthly.

This means that . So

This is the exponential function

How much will you have in your account after 2 years?

This is A(2). So

You will have $1,100.55 in the account after 2 years.