Question

Jessica opened a bank account that earns 222 percent interest compounded annually. Her initial deposit was \$100$100dollar sign, 100, and she uses the expression \$100(x)^t$100(x) t dollar sign, 100, left parenthesis, x, right parenthesis, start superscript, t, end superscript to find the value of the account after ttt years.

Answer 1

Since Jessica's initial deposit was a hundred bucks after opening a bank account therefore, her principal amount will go up each year depending on the rate of interest.

So say if she has a rate of interest of 10% per annum then her principal amount will increase by 10% and at the end of her period she will get a total amount.