Question

A savings account compounds interest, at a rate of 15%, once a year. Elizabeth puts $800 in the account as the principal. How can Elizabeth set up a function to track the amount of money she has?

A(x) = 800(15)^x where 15 is the interest rate

A(x) = 800(1 + .15)^x where .15 is the interest rate

A(x) = 800(.15)^x where .15 is the interest rate

A(x) = 800(1 + 15)^x where 15 is the interest rate

Answer 1

total = 800 * (1.15)^t
The second choice down is the answer.

Answer 2

Answer:
`A(x)=800(1+0.15)^x`where 0.15 is the interest rate .

Explanation:

Given: A savings account compounds interest, at a rate of 15%, once a year. Elizabeth puts $800 in the account as the principal.

Principal amount =$800

r=15% = 0.15

We know that the compound amount after x years will be given by the exponential function as:-

`A(x)=P(1+r)^x`, where r is the rate of interest in decimal.

Therefore, function according to the given information will be

`A(x)=800(1+0.15)^x`