A bank deposit that earns interest annually is given by the function f(x)=500(1.03)^x. What was the initial deposit?f(x)=500(1.03)^x

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02-07-2018
Mathematics

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A bank deposit that earns interest annually is given by the function f(x)=500(1.03)^x. What was the initial deposit?f(x)=500(1.03)^x

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JorisHogenbirk JorisHogenbirk · Answer 1 · 2018-07-02T23:12:03+02:00

JorisHogenbirk JorisHogenbirk

02-07-2018

[tex]500[/tex]
This is because the interest is annually, this means that every year the interest is given over wat you already had + what you earned in interest.
The growth factor is 1.03 (or 3%) and X is after how many years.
You started with 500 and this grows with factor:
[tex] {1.03}^{x} [/tex]

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