Question

The function, y=1000(1.005)^x, models the value of $1000 deposited at an interest rate of 6% per year, 0.005 per month, x months after the money is deposited.

a. Graph the function on your graphing calculator to predict how many months it will be until the account is worth $1,100.

b. Predict how many years it will be until the account is worth $5,000.

Answer 1

Answer: did this on edge

a. 19 months

b. 27 years

Step-by-step explanation: hope this helps:)

1

Plug the function y=1000(1.005)^x into your graphing calculator.

2

Put a split screen table. Use the table to find where x months will equal $1100

3

~19 months=1100

4

Use the table to find where x months is equal to $5000.

5

~27 years=5000

RESULT

a. 19 months

b. 27 years