Raoul needs $200 to start a snow cone stand for this hot summer. He borrows the money from a bank that charges 4%simple interest per year.b. Write a formula for how much he will owe after t years

Answer: $200([tex]1.04^{2}[/tex])Step-by-step explanation:The amount borrowed will be taken as the Principal, which is denoted with P , the amount he will be owing at the end of t years will be denoted with “ A” and the interest is already given as 4% which is the same as 0.04[tex]\\[/tex]Given: P = $200[tex]\\[/tex]  r = 0.04[tex]\\[/tex] Amount = A [tex]\\[/tex]Time = t[tex]\\[/tex]Recall the formula for calculating “Amount”[tex]\\[/tex]A =  [tex]P(1+r)^{t}[/tex][tex]\\[/tex]Where P is the principal , A is the amount, r is the rate and t is the time[tex]\\[/tex]Substituting the values given into the formula , we will have[tex]\\[/tex]A =  [tex]$200(1+0.04)^{t}[/tex][tex]\\[/tex]A = [tex]$200(1.04)^{t}[/tex][tex]\\[/tex]This means that after t years, Raoul will owe the bank [tex]$200(1.04)^{t}[/tex]