Question

Charlie has worked hard all summer to earn money. She has found an investment that will pay her 3% each year. At the end of the first year Charlie will have $5,000 in the investment.



Write an explicit function that represents Charlie’s investment.

**Remember what the common ratio should be**





m(t)=.03^t+5,000m(t)=.03
t
+5,000

m(t)=5,000(1.03)^{t-1}m(t)=5,000(1.03)
t−1


m(t)=1.03^t+5,000m(t)=1.03
t
+5,000

m(t)=0.97^t\cdot5,000m(t)=0.97
t
⋅5,000

Answer 1

The function representing Charlie's investment is 1.03X = 5000, and the initial amount invested is $ 4854.37.

Given that Charlie has worked hard all summer to earn money, and she has found an investment that will pay her 3% each year, and at the end of the first year Charlie will have $ 5,000 in the investment, to determine an explicit function that represents Charlie's investment you must perform the following calculation:

• X x 1.03 = 5000
• X = 5000 / 1.03
• X = 4854.37

Therefore, the function representing Charlie's investment is 1.03X = 5000, and the initial amount invested is $ 4854.37.

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