Question

Please explain step by step, I'm stuck and doing Algebra, (I'm doing an advanced class)

Answer 1

Hey there!

So, the questions stated that it wanted you to put the values in a specific format.

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

P= what is in the account R= Rate

So, we know that the account as a 4% annual interest rate. In a decimal form, that is 0.04.

Now, we can plug all the numbers in.

500(1+0.04)^x

Or, 500(1.04)^x

All we need to do to find the savings after 5 years is plug in 5 for x into a calculator.

500(1.04)^5= 608.3264512, we can round it to 608.

So, the correct answer is f(x)= 500(1.04)^x, $608

I hope this helps!

~kaikers