Question

Vivian put $2,300 into an interest-bearing savings account. Her account balance, in dollars, after 6 years can be calculated using the expression shown below. Use the given expression to complete the statements. The quantity that represents Vivian's initial deposit is . The quantity that represents the rate at which the account is increasing is , which means the interest rate is %.

Answer 1

The quantity the represents Vivian's initial deposit is $2,300. The quantity that represents the rate at which the account is increasing is 1.05, which means the interest rate is 5%.