Question

The value of a bank account, B, after x years is represented by the equation B = 1000(1+.014)x. To the nearest penny, how much is the account worth after 15 years?

Answer 1

1232 penny

Explanation:

Given the value of a bank account, B, after x years is represented by the equation B = 1000(1+.014)^x.

To determine the account worth after 15 years, we will substitute x = 15 into the expression as shown;

B = 1000(1+.014)^x.

B = 1000(1+.014)^15

B = 1000(1.014)^15

B = 1000(1.2319)

B = 1231.9penny

Hence the value after 15years is 1232 penny (to the nearest penny)