Question

You open a bank account to save for college and deposit $400 in the account. Each year, the balance in your account will increase 5%. a. Write a funct

Exponential models
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asked 2021-06-05

You open a bank account to save for college and deposit $400 in the account. Each year, the balance in your account will increase 5%. a. Write a function that models your annual balance. b. What will be the total amount in your account after 7 yr? Recall that the general form of an exponential function is \(\displaystyle{f{{\left({x}\right)}}}={a}{b}^{{x}}\).
Given the situation described, what is a? What is b? Write the function that models your annual balance. Check to make sure the function you created provides the same values you put into your table for years 1, 2 and 3. a = _____ b = _____ f(x) = _____

Expert Answers (1)

2021-06-06
a is initial amount deposited so: a=400
b is the growth factor, 1+r: So, the function is: \(\displaystyle{f{{\left({x}\right)}}}={400}{\left({1.05}\right)}^{{x}}\)
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