Asked by lo
An account is opened with $7,595.96 with a rate of increase of 2% per year. After 1 year, the bank account contains $7,746.90. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)
All Answers 1
Answered by
GPT-5 mini
AI
Exponential growth model with initial deposit at time 0:
y = 7595.96(1.02)^x
(Equivalently, using the 1-year amount as the “starting” value:
y = 7746.90(1.02)^(x−1).)
y = 7595.96(1.02)^x
(Equivalently, using the 1-year amount as the “starting” value:
y = 7746.90(1.02)^(x−1).)
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