Question

WILL MEDAL 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.
f(x) = 500(1.4)x, $2,689
f(x) = 500(0.04)x, $512
f(x) = 500(1.04)x, $608
f(x) = 500(1.04)x, $527

Answer 1

@DanJS

Answer 2

@Vocaloid

Answer 3

hint:

f(x) = P(1 + r)x.

P = initial amount
r = interest rate

Answer 4

Would it look like this 500 ( 1+4%) = x
@Vocaloid

Answer 5

yes, but put 4% into a decimal so you can add it to the 1

each year you multiply your current amount by 104%, (1+r)

Answer 6

so if its in decimal form it would be 1.04?

Answer 7

right

Answer 8

yeah

Answer 9

(1.04)^x

each year x increases, multiplies another (1.04) again

500(1.04)^x

Answer 10

okay so would the answer be c?

Answer 11

c or d, what it is when x=5,

Answer 12

C right

Answer 13

$608.33

Answer 14

yea

Answer 15

Sweet I understanding thx a lot.