The following image is a partial balance table for a simple interest account that deposits the interest every year. What was the total percentage yield of the initial amount deposited after 9 years? Round your answer to the nearest tenth of a percent.
The following image is a partial balance table for a simple interest account that deposits the interest every year. What was the total percentage yield of the initial amount deposited after 9 years? Round your answer to the nearest tenth of a percent.
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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The following image is a partial balance table for a simple interest account that deposits the interest every year. What was the total percentage yield of the initial amount deposited after 9 years? Round your answer to the nearest tenth of a percent.
Transcribed Image Text:### Example of Account Balance Over Time
Below is a table illustrating the account balance over a period of 9 years.
| Number of years, *t* | Account Balance, *B(t)* |
|----------------------|-------------------------|
| 0 | $1,902.39 |
| 9 | $2,216.93 |
#### Explanation:
- **Number of years, *t***: This column represents the time in years since the account was opened.
- **Account Balance, *B(t)***: This column shows the balance in the account at the corresponding time.
At the start (year 0), the account balance was $1,902.39. After 9 years, the balance increased to $2,216.93. This data can be used to analyze the growth of the account balance over time.
There are no graphs or diagrams in this image. The table provides a clear view of how the account balance changes over the specified time period.
### Key Points for Students:
1. Understand how to read and interpret tables that display data over time.
2. Learn how to extract valuable insights, such as the rate of increase in an account balance.
3. Apply these concepts to real-world financial scenarios for better financial literacy.
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