an initial deposit of $200 is made into an account that pays 4.2% annual interest. What is a model to represent the balance in t
he account after x years?
1 answer:
You would use the equation y = A(1+r)^t
A = Original amount = 200
r = interest rate = 0.042 (when converted from percent to decimal)
t = time = x
Plug them in and you get the model: y = 200(1+0.042)^x
or just simplify the parentheses to (1.042)
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