Jack invested some money in a bank at a fixed rate of interest compounded annually. The equation below shows the value of his investment after x years
f(x) = 300(1.02)^x
What was the average rate of change of the value of Jack's investment from the third year to the fifth year?
WILL FAN FOR THE ANSWER PLZ HELP

Question

Jack invested some money in a bank at a fixed rate of interest compounded annually. The equation below shows the value of his investment after x years
f(x) = 300(1.02)^x
What was the average rate of change of the value of Jack's investment from the third year to the fifth year? 
WILL FAN FOR THE ANSWER PLZ HELP

naga447 · Answer

It's one of these can you figure out which one it is?
6.43 dollars per year

8.24 dollars per year

12.86 dollars per year

14.26 dollars per year

anonymous · Answer

Do you guys know the answer to this question?

wmj259 · Answer

Use this
total = principal * (1 + rate) ^time
(notice we need exponentiation here.)

300=300*(1+.02)^(0)
306=300*(1+.02)^(1)
312.12=300*(1+.02)^(2)
318.36=300*(1+.02)^(3)
324.73=300*(1+.02)^(4)
331.22=300*(1+.02)^(5)
Year 5 - Year 3 = 331.22-318.36=12.86