Question
$1,000 is deposited into a savings account. Interest is compounded annually. After 1 year, the value of the account is $1,020. After 2 years, the value of the account is $1,040.40.
This scenario can be represented by an exponential function of
the form f(x) = 1000(3)*, where f(x) is the amount in the
savings account, and x is time in years. What is the value of b?
(1 point )
This scenario can be represented by an exponential function of
the form f(x) = 1000(3)*, where f(x) is the amount in the
savings account, and x is time in years. What is the value of b?
(1 point )
Answers
GPT 3.5
b = 0.02