Suppose that $3500 is placed in an account that pays 16% interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding.
after one year. To do an investment question, we need to use the following formula: A(t) = a(1 + r)t, where: A(t) = amount after time a = initial value, $3500 r = rate (as a decimal), 0.16 t = amount of time, 1
