Question
You open a savings account that will yield 4.5% yearly compound interest. your first deposit is $550 and you don't deposit or withdraw anything for 3 years. What would be the function equation? f(x) and how much money will the account have in 10 years?
Answers
GPT 3.5
The function equation for the savings account can be written as:
f(x) = 550 * (1 + 0.045)^x
where x represents the number of years.
To find out how much money the account will have in 10 years, we can plug x = 10 into the function equation:
f(10) = 550 * (1 + 0.045)^10
f(10) = 550 * (1.045)^10
f(10) ≈ $734.90
Therefore, the account will have approximately $734.90 in 10 years.
f(x) = 550 * (1 + 0.045)^x
where x represents the number of years.
To find out how much money the account will have in 10 years, we can plug x = 10 into the function equation:
f(10) = 550 * (1 + 0.045)^10
f(10) = 550 * (1.045)^10
f(10) ≈ $734.90
Therefore, the account will have approximately $734.90 in 10 years.