Brayton wants to invest his high school earnings for the next 7 years. he deposits $1,500 into an inestment account at the beginning of the first year,$ 2,000 at the beginning of the second year, $1,870 at the beginning of the third year, and $2,230 at the beginning of the fourth year. Use c(x)=1500x^7+2000x^6+1870x^5+2230x^4. The equation represents the relationship between C(x) the value of the investment after 7 years and its anual interest rate,r. Find the value of the inestment account if the interest rate is 2.85%.

Question

Brayton wants to invest his high school earnings for the next 7 years. he deposits $1,500 into an inestment account at the beginning of the first year,$ 2,000 at the beginning of the second year, $1,870 at the beginning of the third year, and $2,230 at the beginning of the fourth year. Use c(x)=1500x^7+2000x^6+1870x^5+2230x^4. The equation represents the relationship between C(x) the value of the investment after 7 years and its anual interest rate,r. Find the value of the inestment account if the interest rate is 2.85%.
$7,600.00

$7,716.96

$30,314.09

$8,840.80

GPT 3.5 · Answer

To find the value of the investment account after 7 years with an interest rate of 2.85%, we need to substitute 0.0285 for x in the equation C(x) = 1500x^7 + 2000x^6 + 1870x^5 + 2230x^4.

C(0.0285) = 1500(0.0285)^7 + 2000(0.0285)^6 + 1870(0.0285)^5 + 2230(0.0285)^4

C(0.0285) = 1500(0.009651963) + 2000(0.000694143) + 1870(0.000049960) + 2230(0.000003563)

C(0.0285) = 14.477945 + 1.388286 + 0.0936612 + 0.00212099

C(0.0285) = 16.96201319

Therefore, the value of the investment account after 7 years at an interest rate of 2.85% is approximately $16,962.01.

None of the given answer choices match the calculated value.