Question

ts the balance y (in dollars) after t years. 10. $3500 deposit that earns 9.2% annual interest compounded annually

Explanation:

Step1: Recall the compound interest formula

The formula for compound interest compounded annually is $y = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years.

Step2: Identify the values of P, r

Given $P = 3500$ dollars, and the annual interest rate $r = 9.2\%= 0.092$.

Step3: Substitute the values into the formula

Substituting $P = 3500$ and $r = 0.092$ into the formula $y = P(1 + r)^t$, we get $y = 3500(1 + 0.092)^t=3500(1.092)^t$.

Answer:

The formula that represents the balance $y$ (in dollars) after $t$ years is $y = 3500(1.092)^t$