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20 August, 12:23

An initial deposit of $200 is made into an account that pays 4.2% annual interest. What is a model to represent the balance in the account after x years?

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  1. 20 August, 12:53
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    You would use the equation y = A (1+r) ^t

    A = Original amount = 200

    r = interest rate = 0.042 (when converted from percent to decimal)

    t = time = x

    Plug them in and you get the model: y = 200 (1+0.042) ^x

    or just simplify the parentheses to (1.042)
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