P(t)=1,800(1.004)^(t) The function models P, the amount of money, in dollars, in Yara's savings account t years after she opened the account with an initial deposit of $1,800. How much money is in Yara's account 5 years after her initial deposit if she makes no deposits or withdraws in that time? Choose 1 answer: (A) $1,836.29 (B) $1,873.31 (C) $2,189.98 (D) $9,036

Question

P(t)=1,800(1.004)^(t) The function models P, the amount of money, in dollars, in Yara's savings account  t years after she opened the account with an initial deposit of  $1,800. How much money is in Yara's account 5 years after her initial deposit if she makes no deposits or withdraws in that time? Choose 1 answer: (A)  $1,836.29 (B)  $1,873.31 (C)  $2,189.98 (D)  $9,036

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Identify variables: Identify the variables in the function P(t) = 1,800(1.004)^(t). Here, P(t) represents the amount of money in the account after t years, and the initial amount is $1,800. The interest rate is compounded annually at a rate of 0.4% (which is 1.004 as a decimal).Substitute value for 5 years: Substitute the value of t with 5 years into the function to find out how much money Yara will have after 5 years. P(5) = 1,800(1.004)^(5)Calculate (1.004)^(5): Calculate the value of (1.004)^(5). (1.004)^(5) ≈ 1.004^5 ≈ 1.02020201 (rounded to 8 decimal places for accuracy)Multiply initial amount: Multiply the initial amount by the calculated value from Step 3. P(5) = 1,800 * 1.02020201 P(5) ≈ 1,800 * 1.02020201 ≈ 1,836.36362Round result to two decimal places: Round the result to two decimal places to represent money. P(5) ≈ $1,836.36

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