Solve the problem.A person invests $6000 at 9% interest compounded annually. Let f(t) represent the value (in thousands of dollars) of the account at t years after the $6000 is deposited.i) Find an equation for f.ii) What will the value be in 8 years?iii) What is the coefficient a in your model f(t) = abt? What does it mean in terms of the account?

What will be an ideal response?


i)f(t) = 6(1.09)t
ii) $11,955.38
iii) 6; $6000 was deposited in the account at the beginning of the investment.

Mathematics

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