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.
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Are these given answers to choose from?
But I have no idea where to start
First I thought that it would be f(x)=500(40%)^5
Okay well, lets think of what we already know. Using the hint and the given answers we already know that P represents the amount Samantha put in already. Which is $500 right?
Now in the hint it shows to add R to 1. What do you think R represents?
Are you sure that in the parenthesis of hint you add 1 to r?
I don't understand
What is r
Start with P amount and r interest rate. r is written as a decimal.
For example, if the interest rate is 5%, you write it as 0.05
After 1 year, you have P(1 + r)
After 2 years , you have P(1 + r)(1 + r) = P(1 + r)^2
After 3 years, you have P(1 + r)^2(1 + r) = P(1 + r)^3
After 4 years, you have P(1 + r)^3(1 + r) = P(1 + r)^4
If you follow this pattern, after x years, you have
P(1 + r)^x
Notice that this is the formula the problem gives you in the hint.
Now replace P with 500 and r with 0.04, but leave x in.
What formula do you have now?
Finally use the new formula with x = 5 and evaluate it.
Thank you so much foryour help #mathstudent55 how do i give you a medal
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