Jessica opened a bank account that earns 2 percent interest compounded annually. Her initial deposit was $100, and she uses the
expression $100(x)^t to find the value for the account after t years.
what is the value of x in the expression?
1 answer:
Answer:
x = 1.02.
Step-by-step explanation:
The x is a factor worked out from the annual interest written as a decimal fraction.
So we have 2% = 2/100 = 0.02.
The amount at the end of the first year is $100 + 0.02*100
= $100* 1.02, and in the second year it will be $100* 1.02^t where t = 2 and so on.
So we see that x in the given expression is 1.02.
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