The function equation for the savings account can be written as:
f(x) = 550 * (1 + 0.045)^x
where x represents the number of years.
To find out how much money the account will have in 10 years, we can plug x = 10 into the function equation:
f(10) = 550 * (1 + 0.045)^10
f(10) = 550 * (1.045)^10
f(10) ≈ $734.90
Therefore, the account will have approximately $734.90 in 10 years.
You open a savings account that will yield 4.5% yearly compound interest. your first deposit is $550 and you don't deposit or withdraw anything for 3 years. What would be the function equation? f(x) and how much money will the account have in 10 years?
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