Hi There!
I will be glad to help you with this problem.
I will get you started.
y = 60(1 + 0.04)^x = 60 * 1.04^x
At the y-intercept, x = 0:
y = 60 * 1.04^0
y = 60 * 1
y = 60
Then,
y = 60 * 1.04^8
y = 60 * 1.3685690504052736
(Please multiply that part!)
y = ????
Hint:
The y-intercept of Jacob's graph is...
In eight years Jacob will have...
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Please feel free to post your response and someone may probably check it.
Jacob deposits $60 into an investment account with an interest rate of 4%, compounded annually. The equation,
y = 60(1 + 0.04)x, can be used to determine the number of years, x, it takes for Jacob's balance to reach a certain amount of money, y. Jacob graphs the relationship between time and money.
What is the y-intercept of Jacob's graph?
If Jacob doesn't deposit any additional money into the account, how much money will he have in eight years? Round your answer to the nearest cent.
2 answers
y = 60(1 + 0.04)^x = 60 * 1.04^x
At the y-intercept, x = 0:
y = 60 * 1.04^0
y = 60 * 1
y = 60
Therefore the y-intercept is 60.
In order to see how much he'll have in his account after 8 years you must substitute 8 into the equation.
y = 60 * 1.04^8
y = 60 * 1.3685690504052736
y = 82.11 (rounded to the nearest hundredth)
Jacob will have $82.11 in his investment account after 8 years.
If I'm being honest I'm mostly just guessing but you can check if you want.
At the y-intercept, x = 0:
y = 60 * 1.04^0
y = 60 * 1
y = 60
Therefore the y-intercept is 60.
In order to see how much he'll have in his account after 8 years you must substitute 8 into the equation.
y = 60 * 1.04^8
y = 60 * 1.3685690504052736
y = 82.11 (rounded to the nearest hundredth)
Jacob will have $82.11 in his investment account after 8 years.
If I'm being honest I'm mostly just guessing but you can check if you want.
3 answers