Question

Mario invests $1,500 in a savings account that earns 2% interest a year. he also plans to set aside $50 cash a month. x = number of years savings account: f(x) = 1500(1.02)x cash savings: g(x) = 50(12x) which function represents the total amount mario will save over x years? 2100(1.02)x 1500(1.02)x 600x 500(1.02)x – 600x 2100x

Answer 1

b on edge

Explanation:

I js did it :))

Answer 2

1500(1.02)^x + 600x is how much he has in savings at the end of x years where it be in the bank or elsewhere

Explanation:

x is in years

Let's just think about the investment of 1500 in an account earning 2% per year.

Before the years even start, you are at 1500 ( present value).

The next year (year 1), it would be 1500*.02+1500=(1500)(1.02).

The next year (year 2), it would be 1500(1.02)(.02)+1500(1.02)=1500(1.02)(1.02).

We keep multiplying factors of (1.02) each time.

So for year x, you would have saved 1500(1.02)^x.

Now we are saving 50 cash per month. Per year this would be 12(50) since there are 12 months in a year. 12(50)=600.

So the first year you would have 600.

The second year you would have 600(2) or 1200.

The third year you would have 600(3) or 1800.

Let's put this together:

1500(1.02)^x + 600x