anonymous
  • anonymous
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, $527
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
This just seems like a plug and chug type of question. Taking the formula and information given already, what can you make from it?
anonymous
  • anonymous
Well it is 500 * 1.04^5
anonymous
  • anonymous
Which is 608$

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anonymous
  • anonymous
yeah, so it's as easy as putting that into a calculator
jdoe0001
  • jdoe0001
hint: \(\bf \qquad \textit{Compound Interest Earned Amount}\\ A=f(x)=P\left(1+r\right)^{x} \qquad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$500\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ x=years\to &5 \end{cases}\)
anonymous
  • anonymous
well he just gave you your answer of C) so...XD
anonymous
  • anonymous
Yeah...XD thank you all for your help

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