Question

Eloise is investing and retirement account. She plans on adding an additional $50 at the end of every year and the expected monthly rate of return is 3% of the amount invested, calculated at the end of the month. If she starts with $1000 in the account find an equation that models the amount of money in the account each month for their first year.

A) y=50x+1000
B) y=1000(0.03)^x
C) y=1000(1.03)^x
D) y=50.03x+1000

Answer 1

Who is making up your questions. Your answers contain x's and y's, but no x and y appears in your stated problem, nor do you define x and y

choices B and C are the same

The $50 at the end of the year have nothing to do with the problem, you only want the amount for the first year.
now: 1000
end of 1 month : 1000(1.03)^1
end of 2 months: 1000(1.03)^2
end of 3 months : 1000(1.03)^3
....
what do you think?

Answer 2

post it.

Answer 3

This relationship is best modeled by an exponential function. Each month the amount is going up by 3% so the best function to model this situation is y = 1000(1.03)^x where 1000 is the initial rent and 1.03 represents that it increases by 3% each year. Since the $50 is only added at the end of each year it will not come into play in the monthly equation.
Therefore it would be C. y=1000(1.30)^x