anonymous
  • anonymous
Samantha puts an initial $500 into a savings account. The account has a 4% annual compound interest rate. What is the function that best represents Samantha's account and how much does she have in savings after 5 years? Round your answer to the nearest dollar. Hint: Use the formula, f(x) = P(1 + r)x.
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
Here are the answer options . f(x) = 500(1.4)x, $2,689 f(x) = 500(0.04)x, $512 f(x) = 500(1.04)x, $608 f(x) = 500(1.04)x, $527
anonymous
  • anonymous
PLease help!
Vocaloid
  • Vocaloid
hints: r = interest rate = 0.04 P = principal amount = 500 your formula is f(x) = P(1+r)^x

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anonymous
  • anonymous
OK thank you! So would it be c?
Vocaloid
  • Vocaloid
not quite, we still need to check whether it's C or D when x = 5, what does 500(1.04)^x = ?
anonymous
  • anonymous
oh ok 1 min
anonymous
  • anonymous
It is C. Because when i put 5 for the exponent it came out to be 608.32645. Correct?
Vocaloid
  • Vocaloid
right! good job
anonymous
  • anonymous
Yay! Thank you so much!

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