ALGEBRA MILESTONE STUDY GUIDE REVISIONS 16 UPDATED STUDY GUIDE CORRECTLY ANSWERED QUESTIONS TEST BANK QUESTIONS AND ANSWERS WITH EXPLANATIONS LATEST UPDATE 100% CORRECT DOWNLOAD TO SCORE A

Suppose $20,000 is deposited into an account paying 4.5% interest, compounded annually. How much money is in the account after four years if no withdrawals or additional deposits are made? $24,100.00 $24,350 ...

Suppose $20,000 is deposited into an account paying 4.5% interest, compounded annually. How much money is in the account after four years if no withdrawals or additional deposits are made? $24,100.00 $24,350.52 $23,600.00 $23,850.37 RATIONALE This is the general equation for compounding interest, where is the principal balance, is the annual percentage rate (APR), is time (in years), and is the number of times per year interest is compounded. Use the information provided to plug in the values for each variable. In this case, the principal balance is , the APR is (remember to express the percentage as a decimal, ), the time is years, and it is compounded one time a year, so is . Next, evaluate the right side of the equation. CONCEPT Because the interest is compounded only once a year, the fraction and exponent are easy to simplify. Evaluate the addition in inside the parentheses. plus is equivalent to . Now, apply the exponent. to the power of is equal to . Finally, multiply this value by . The account will have a balance of $23,850.37. Compound Interest 2 Consider the function . Find the formula for the inverse function RATIONALE To find the inverse of a function, you can write the function as , swap the variables and , and then rewrite the equation with on one side. First, start by swapping with . Here is the function written as an equation where . Next, we will swap the variables, and . Now that the variables are swapped, we will manipulate this equation to place on one side of the equation. We'll start by squaring both sides to undo the radical. When a square root is squared, the result is the expression under the radical. Next, we will subtract from both sides to undo the addition of . We have now isolated the variable to one side of the equation, which results in the inverse function. This is the inverse of . CONCEPT Finding the Inverse of a Function 3 Use the FOIL method to evaluate the expression: