Question

After 1 year, a bank account contains $7,746.90. After 2 years, the same account contains $7,901.84. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)

y = 7591.96(1.02)x
y = 7591.96(0.02)x
y = 7595(1.02)x
y = 7595(0.02)x

Answer 1

same principle as last time

first find the growth factor by dividing year 2 balance/year 1 balance

then find the year 0 balance by dividing year 1 balance/growth factor

then re-write the final expression as y = (year 0 balance)(growth factor)^x

Answer 2

whats the answer