Question

An account is opened with $7,595.96 with a rate of increase of 2% per year. After 1 year, the bank account contains $7,746.90. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)

Answer 1

An account is opened with $7,595.96 with a rate of increase of 2% per year. After 1 year, the bank account contains $7,746.90. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)

Answer:

Explanation:

y = 7,595.96(1.02)x

the initial value times .02(rate of increase) after adding 1 to it so we would get 1.02 instead because it is an increase raised by x , this indicates how many years it was to reach the new amount.

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Answer 2

Given :

An account is opened with $7,595.96 with a rate of increase of 2% per year.

To Find :

Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years?

Solution:

An account is opened with $7,595.96 with a rate of increase of 2% per year.

Principal = $7,595.96

Rate of interest =$2\% = 0.02$

We are supposed to find equation can be used to find y, the amount of money in the account after x years

Formula :$A = P(1+r)^t$

Where A is the amount = y

P = Principal = $7,595.96

r = rate of interest = 0.02

t = time = x years

So,$y=7595.96(1+0.02)^x$

$y=7595.96(1.02)^x$

Hence an equation can be used to find y, the amount of money in the account after x years is $y=7595.96(1.02)^x$