Question

You deposit $300 into a savings account that is compounded annually. The function g(x) = 300(1.04)x can be used to find the amount of money in the savings account after x years. What is the constant percent rate of change?

Answer 1

Answer:

This is a simple interest, as the amount earned each year is constant

Step-by-step explanation:

Answer 2

Using compound interest, it is found that the constant percent rate of change is of 4%.

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The formula for an amount of money invested into compound interest is given by:

$A(t) = A(0)(1+r)^t$

In which:

• A(t) is the amount after t years.
• A(0) is the initial amount.
• r is the constant percent rate of change.
• t is the time.

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The function is:

$g(x) = 300(1.04)^x$

Thus, for the constant percent rate of change:

$1 + r = 1.04$

$r = 1.04 - 1 = 0.04$

$0.04 \times 100\% = 4\%$

The constant percent rate of change is of 4%.

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