Question

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.

Answer 1

@jango_IN_DTOWN

Answer 2

\[A=P(1+\frac{ r }{ n})^{nt}\]

Answer 3

Here n=1, t=5, P=500,r=4

Answer 4

r=4%