Question

After working a summer job, you have $1,000 to put into a bank account. You need to decide which bank is a better investment: Elite Bank or Bankify.

Elite Bank is offering a monthly interest rate of 1%. Which equation models how much money you'd have in an Elite Bank account after (x) months?
A. g(x) = 1000/x + 1.01
B. g(x) = 1000(1.01)^x
C. g(x) = 1000 + 1.01x
D. g(x) = 1000 (1.1)^x

Answer 1

A because you need to divide that $1000 into the x amount of months that you have.