Home
Answered Questions
Other Math
Regents Question: Mr. Smith Invested $2,500 In A Savings Account That Earns 3% Interest Compounded A

Regents Question: Mr. Smith invested $2,500 in a savings account that earns 3% interest compounded annually. He made no additional deposits or withdrawals. Write an equation that can be used to determine the number of dollars in this account at the end of 4 years. a. In order to make an exponential function, we need an initial value, a growth rate and or a growth factor, and a value of time. Highlight and label the components that are given in the word problem above. Initial value Growth rate Growth factor Value of time b. How can we rewrite the percent of change (growth rate) as the growth factor? c. Find the growth factor using the growth rate. d. Write the equation that can be used to determine the number of dollars in the account.