szkyrenpruitt szkyrenpruitt
  • 02-07-2018
  • Mathematics
contestada

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

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AL2006
AL2006 AL2006
  • 02-07-2018
That formula means $500, earning 3% interest, compounded at the end of each year, for ' x ' years.
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bayleecase2002
bayleecase2002 bayleecase2002
  • 03-07-2018
Hey there! 

The answer should be $500
because in the equation f(x) = P (1+r/n)^nt
P = the principal amount of money invested
And in the given equation P = 500

Hope this helps :)
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