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anonymous

  • one year ago

HELP!! 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. A)f(x)=500(1.04)^x, $2,689 B)f(x)=500(0.04)^x, $512 C)f(x)=500(1.04)^x, $608 D)f(x)=500(1.04)^x, $527

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  1. anonymous
    • one year ago
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    This just seems like a plug and chug type of question. Taking the formula and information given already, what can you make from it?

  2. anonymous
    • one year ago
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    Well it is 500 * 1.04^5

  3. anonymous
    • one year ago
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    Which is 608$

  4. anonymous
    • one year ago
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    yeah, so it's as easy as putting that into a calculator

  5. jdoe0001
    • one year ago
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    hint: \(\bf \qquad \textit{Compound Interest Earned Amount}\\ A=f(x)=P\left(1+r\right)^{x} \qquad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$500\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ x=years\to &5 \end{cases}\)

  6. anonymous
    • one year ago
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    well he just gave you your answer of C) so...XD

  7. anonymous
    • one year ago
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    Yeah...XD thank you all for your help

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