MATH SOLVE

2 months ago

Q:
# the function f(x) = 3,005(1+0.03)^x represents the amount of money in a savings account where x represents time in years. what does 3,005 represent? a. the amount of money in the savings account after one year b. the amount of money added to the savings account each year c. the growth rate d. the initial amount of money placed in the savings account

Accepted Solution

A:

Answer:Option d. the initial amount of money placed in the savings accountStep-by-step explanation:we have[tex]f(x)=3,005(1+0.03)^{x}[/tex]This is a exponential function of the form[tex]f(x)=a(1+r)^{x}[/tex]wherea is the initial valuer is the growth rate(1+r) is the basex is the number of yearsf(x) is the amount of money in a savings accountIn this problem we havea=$3,005r=0.03=3%(1+r)=1.03therefore3,005 represent the initial value ( the amount of money for the value of x equal to zero)