Question

Franklin deposits $3500 in an account that earns 3.5% interest compounded annually. Which function equation represents the balance of the account after t years?

f(t)=3500(0.035)t

f(t)=3500(3.5)t

f(t)=3500(1.035)t

f(t)=3500(1.35)t

Answer 1

f(t)=3500(1.035)t

Answer 2

Hello! 3.5% in decimal form is 0.035. You add 1 to that to get 1.035. B is out, because that number is too high. A is out, because it doesn't add 1. The formula for compound interest is P(1 + r)^t. D is also out, because it incorrectly interprets 3.5% in decimal form. The correct form is 3,500(1.035)^t. The only one that shows this is C.  Therefore, the answer is C.