John, a graduating senior at Bowie High School, is opening a savings account and initially puts in the $1800 that he received in graduation money. He never adds anymore of his own money, and the bank pays an interest of 15% per year. If he never adss anymore of his own money, and the bank an intrerest of 15% per year. What is the correct function rule for this?
is it y=1800(1.15)^x?
if you want the rule for the account balance after t years, then that is
A = P(1+r)^t
So now just plug in your numbers to find the value after 15 years.
correct
nvm about the 15 years -- I got confused with all those 15's...
thank you!
To find the correct function rule for John's savings account, we need to consider that the bank pays an interest of 15% per year and he never adds any more money to the account after the initial deposit of $1800.
The function rule can be determined using compound interest, which is calculated using the formula:
A = P(1 + r/n)^(nt)
Where:
A = the final amount after t years
P = the initial deposit amount
r = the annual interest rate (expressed as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, John made a one-time deposit of $1800, and the interest rate is 15% per year. We also need to consider how often the interest is compounded. Let's assume it is compounded annually (n = 1).
Plugging these values into the formula, we get:
A = 1800(1 + 0.15/1)^(1*t)
Simplifying it further:
A = 1800(1 + 0.15)^t
Now we have the correct function rule for John's savings account: A = 1800(1 + 0.15)^t.
This formula can be used to calculate the final amount in his savings account after any number of years.