Question

PLS HELP ASAP!! WILL MARK BRAINLYIST
a new savings account is opened with $200 and gains 3.8% yearly for 5 years.
the exponential function that models the situation is y=?
after 8 years, the savings account has $?

Answer 1

Answer:

After 5 years, savings account = $241.00

After 8 years, savings account = $269.53

Step-by-step explanation:

If the savings account increases by 3.8% per year, this means it will be 103.8% of the previous year's value since 100% + 3.8% = 103.8%

103.8% in decimal form = 103.8/100 = 1.038

Therefore, the exponential function is:

$y = 200 \cdot 1.038^x$, where $x$ is the number of years

So when $x=5$,  

$y = 200 \cdot 1.038^5=240.99984...$

After 5 years, savings account = $241.00

After 8 years, savings account = $269.53