A community for students.
Here's the question you clicked on:
 0 viewing
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
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

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0This just seems like a plug and chug type of question. Taking the formula and information given already, what can you make from it?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Well it is 500 * 1.04^5

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yeah, so it's as easy as putting that into a calculator

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0hint: \(\bf \qquad \textit{Compound Interest Earned Amount}\\ A=f(x)=P\left(1+r\right)^{x} \qquad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$500\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ x=years\to &5 \end{cases}\)

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0well he just gave you your answer of C) so...XD

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Yeah...XD thank you all for your help
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.