Question

Mario invests $1,500 in a savings account that earns 2% interest a year. He also plans to set aside $50 cash a month. X = number of years Savings account: f(x) = 1500(1. 02)x Cash savings: g(x) = 50(12x) Which function represents the total amount Mario will save over x years? 2100(1. 02)x 1500(1. 02)x 600x 500(1. 02)x – 600x 2100x.

Answer 1

The correct statement is that the function that represents the total amount Mario will save over such number of years is $[1500(1.02)^x] \rm + [600x]$. So, the correct option is B.

Savings are such amounts which are accumulated by a person by making recurring or lump sum contributions into investment instruments offering a fixed and secured rate of returns.

Calculation of savings and investments

The formula for calculation of savings can be done by way of calculation of interests that Mario earns over his investing of $1500 in the savings account every year at 2 percent interest.

This function of savings can be shown by the equation $[1500(1.02)^x] \rm$. The calculation of further $50 cash settlements, over which no interests are earned, is represented by $600x$.

Now, the summation of these two equations will be the total savings of Mario for the number of years he keeps continuing to invest such amounts. This can be represented by $[1500(1.02)^x] \rm + [600x]$

Hence, the correct option is B that the  function that represents the total amount Mario will save over such number of years is $[1500(1.02)^x] \rm + [600x]$.

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