Question

since birth Hadley has has a savings account that had been growing at the at a rate of 1% per year the amount of money in the account can be modeled by the equation y equals p= (1.01) x where why is the value of the account and X is the number of year than P the original deposit amount how much money is the account if Hadley is 74 years old and the original deposit was $8,000

Answer 1

Answer

$16,705.97

Explanation:

The modeled equation is given as

y = P(1.01)^x

Where x = number in years, P = original amount

let x = 74 years and P = $8,000

To find y, substitute the above values into the above function

y = 8000(1.01)^74

y = 8000 x 2.0882

y = $16,705.97

The amount in the account if he deposited $8000 after 74 years is $16, 705.97