Veronica deposited $11 in a savings account that earns 1.9% simple interest. Which graph represents this scenario?
1 answer:
Answer:
Option C
Step-by-step explanation:
- Initial balance= $11
- Interest rate = 1.9% PA simple
<u>It will be graphed as function:</u>
Since is has a very small slope of 0.019 it will be shown almost parallel to x axis.
<u>Some points on the graph:</u>
- Amount in 1 year= 11*(1+0.019) = $11.21
- Amount in 2 years = 11*(1+2*0.019) = $11.42
- Amount in 6 years = 11*(1+6*0.019) = $12.25
- Amount in 10 years = 11*(1 + 10*0.019) = $13.09
Correct graph is option C
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