Question

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

Answer 1

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

Answer 2

Well it is 500 * 1.04^5

Answer 3

Which is 608$

Answer 4

yeah, so it's as easy as putting that into a calculator

Answer 5

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

Answer 6

well he just gave you your answer of C) so...XD

Answer 7

Yeah...XD thank you all for your help