Question

What would be the equation of $186 in the bank with an interest rate of .001% in year 1, 2, 3, 4, and 5

Answer 1

@jim_thompson5910

Answer 2

@johnweldon1993

Answer 3

0.001% = 0.001/100 = 0.00001

If you're dealing with simple interest, then

y = 0.00001*186x = 0.00186x

where

x = year number
y = amount in the account in year x

Answer 4

btw 0.001% interest is so very very small. Are you sure that it says that?

Answer 5

yes. this is the current bank interest for savings. it's super low

Answer 6

so after the first year, the person would have 186.00186 in their account if they didn't touch it?

Answer 7

oh sorry I meant

y = 186+0.00001*186x = 186+0.00186x

Answer 8

but yeah, when x = 1, y = 186.00186

Answer 9

okay, and the second year would be

Answer 10

like how do u find it?

Answer 11

by plugging in x = 2

Answer 12

OH

Answer 13

so the second year would be 186.0032?

Answer 14

186+0.00186x = 186+0.00186*2 = 186.00372

Answer 15

do the same for x = 3 through x = 5

Answer 16

okay thank you so much!