Question

Sonny invests $3,000 into a savings account. He expects the money in the savings account to increase by 4% each year. Which equation could Sonny use to predict the saving's account balance `x` years after starting the account?(1 point)
Responses

f(x)=3,000(4)x

f of x is equal to 3 comma 000 times 4 to the x th power

f(x)=3,000(1.04)x

f of x is equal to 3 comma 000 times 1 point 0 4 to the x th power

f(x)=3,000(x)4

f of x is equal to 3 comma 000 times x to the 4th power

f(x)=3,000(x)1.04

Answer 1

Correct choice: f(x) = 3,000(1.04)^x.

Explanation: A 4% annual increase is modeled by multiplying by 1 + 0.04 = 1.04 each year, so after x years the balance is 3000·(1.04)^x.