Question

A savings account compounds interest, at a rate of 17%, once a year. John puts $1,000 in the account as the principal. How can John set up a function to track the amount of money he has?

Answer 1

@macho14

Answer 2

on it

Answer 3

First, when we are taking percentages, we divide the percent number by 100. 17/100 = .17, so we know the number .17 must be in one of the answers

Answer 4

that are correct

Answer 5

but since they are all like that, now I see, we need to find a different way to rule them out

Answer 6

now, since this is a problem for interest, this is an exponential function

Answer 7

It is either b or c, what do you think

Answer 8

I think it will be C?

Answer 9

okay, why?

Answer 10

Due to how we first have to start out the problem and as well place in the input of positions each values provided are held in,correct?As so,we then input 1,000 at the beginning of the function due to it was what was worked with,so I assume we start backwards....To then,adding as well with his interest rate,don;t you add a value of 1 of something when doing that,etc.To conclude,to represent my evidence;letter choice C,makes the most sense of being correct involved with my explanation.Though,I am not confident that it is the answer?

Answer 11

yes, you are correct, c is the answer. we know that interest is being earned, so the formula would be- y=1000(1.17)^x

Answer 12

Thank you again for the clarification,@macho14.

Answer 13

np, anytime