shota invests $2000 in a certificate of deposit that earns 2% in interest each year. write a function that…

shota invests $2000 in a certificate of deposit that earns 2% in interest each year. write a function that gives the total value $v(t)$, in dollars, of the investment $t$ years from now. do not enter commas in your answer. $v(t)=$

shota invests $2000 in a certificate of deposit that earns 2% in interest each year. write a function that gives the total value $v(t)$, in dollars, of the investment $t$ years from now. do not enter commas in your answer. $v(t)=$

Answer

Explanation:

Step1: Identify the compound - interest formula

The formula for compound interest is $V = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (as a decimal), and $t$ is the number of years.

Step2: Convert the interest rate to a decimal

The interest rate is $2%$, so $r=0.02$. The principal amount $P = 2000$.

Step3: Substitute values into the formula

Substitute $P = 2000$ and $r = 0.02$ into the formula $V(t)=P(1 + r)^t$. We get $V(t)=2000(1 + 0.02)^t=2000\times1.02^t$.

Answer:

$2000\times1.02^t$