You deposit money into a bank. Initially you deposit $100. The account gains 2% every month. Write the equation and determine, what is the value of "y" when "x&qu…

Question

You deposit money into a bank. Initially you deposit $100. The account gains 2% every month.

Write the equation and determine, what is the value of "y" when "x"= 6 [What is f(6) ]

Round the Answer to the nearest WHOLE NUMBER.

Answer 1

Answer: $113

Explanation:

The equation for the monthly balance of the account can be represented as:

y = 100 * (1 + 0.02)^x

where x is the number of months and y is the balance in the account.

So, when x = 6,

y = 100 * (1 + 0.02)^6

y = 100 * 1.127436

y = 112.7436

Rounding to the nearest whole number,

f(6) = 113

So, after 6 months, the balance in the account will be $113.