Question

Franklin deposits $3500 in an account that earns 3.5% interest compounded annually.

What function equation represents the balance of the account after t years?

Answer 1

The correct answer to this question is this equation:
f(t) = 3500×(1.035)^t

The statement that says, "Franklin deposits $3500 in an account that earns 3.5% interest compounded annually" can be stated in a form of function.

3.5% --> 0.035 + 1 for 1 year
$3500 --> $3500

So the equation would be
f(t) = $3500 * 1.035^t