3. Mrs. Galicia started a savings account for her family and started it with an initial deposit of $1600. The account earns 3.75% interest compounded quarterly. (a) Write an equation to represent the anount of money in the account as a function of time in years.
(b) How much money will be present in the account in 5 years. *please show plug in step*

Hey there!

--› Initial deposit: 1600

--› rate = 3.75%

a) First, convert R as a percent to r as a decimal

r = R/100

r = 3.75/100

r = 0.0375 rate per year,

Substitute into formula

= A = P(1 + r/n)nt

A = P(1 + 0.0375/4)^4t

A = 1,600.00(1 + 0.009375)^4t

b)

A = 1,600.00(1 + 0.009375)^4t

A = 1,600.00(1 + 0.009375)^4(5)

A = 1,600.00(1 + 0.009375)^(20)

A = $1,928.28

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