Equation of direct variation involving a common proportion. Then identify the constant of variation
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So for this you will be using an exponential equation, which is with a=initial value, b=growth/decay, y = total balance, and x = # of years
In this case, a = 500, and since with this problem the initial value is growing, you will add 100% to 6% to get 106%, or 1.06. The equation will be formed as such:
With this problem, just plug in 15 into x and solve for y:
In short, after 15 years Tom will have $1198.28 in his account.