QuestionMay 31, 2025

17 Eric deposits 500 in a bank account that pays 3.5% interest, compounded yearly.Which type of function should he use to determine how much money he will have in the account at the end of 10 years? (1) linear (3) absolute value (2) quadratic (4) exponential

17 Eric deposits 500 in a bank account that pays 3.5% interest, compounded yearly.Which type of function should he use to determine how much money he will have in the account at the end of 10 years? (1) linear (3) absolute value (2) quadratic (4) exponential
17 Eric deposits 500 in a bank account that pays 3.5%  interest,
compounded yearly.Which type of function should he use to
determine how much money he will have in the account at the end of
10 years?
(1) linear
(3) absolute value
(2) quadratic
(4) exponential

Solution
4.4(373 votes)

Answer

(4) exponential Explanation 1. Identify the type of interest The problem states that the interest is compounded yearly, which indicates exponential growth. 2. Determine the function type Exponential functions are used to model situations where a quantity grows or decays at a constant percentage rate over time.

Explanation

1. Identify the type of interest<br /> The problem states that the interest is compounded yearly, which indicates exponential growth.<br /><br />2. Determine the function type<br /> Exponential functions are used to model situations where a quantity grows or decays at a constant percentage rate over time.
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