Question

The table shows the balance of a money market account over time. Write a function that represents the balance y (in dollars) after t years.

Answer 1

y = 200·1.15^t

Explanation:

The ratio from one year to the next is 1.15, so the balance is a geometric sequence. Since t starts at zero, we can write the balance (y) after t years as ...

y = initial value · (common ratio)^t

y = 200·1.15^t