Trever invested $10,000 in an account that earns 8.5% interest that is compounded monthly.
(a) Write an exponential model for the balance of the
account.
(b) Determine the amount of money in the account
after 15 years.

Results are below.

Step-by-step explanation:

Giving the following information:

Trever invested $10,000 in an account that earns 8.5% interest that is compounded monthly.

First, we need to calculate the monthly interest rate:

i= 0.085 / 12= 0.00708

Now, to calculate the future value of the investment, we need to use the following formula:

FV= PV*(1+i)^n

PV= initial investment

i= interest rate

n= number of periods

In this case:

FV= 10,000*(1.00708^n)

Finally, for 15 years:

n= 15*12= 180 months

FV= 10,000*(1.00708^180)

FV= $35,605.31

the 4th choice is the correct one

step-by-step explanation:

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step-by-step explanation:

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