Describe the variables and numbers that you used in this equation.

Question

y = 20,308 x (1 + 0.0507)^x

Answer 1

In this equation, the variables used are:
- y: the dependent variable, the amount of money in the account after x years
- x: the independent variable, the number of years

The numbers used in the equation are:
- 20,308: the initial amount of money in the account
- 0.0507: the annual interest rate, expressed as a decimal
- x: the number of years the money is invested or saved for