After 1 year, a bank account contains $7,746.90. After 2 years, the same account contains $7,901.84. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)

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dchlobangtavierrip dchlobangtavierrip

10-05-2016
Mathematics

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After 1 year, a bank account contains $7,746.90. After 2 years, the same account contains $7,901.84. Assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (Round money values to the nearest penny.)

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meerkat18 meerkat18 · Answer 1 · 2016-05-15T17:37:01+02:00

These are the choice given. I'll just substitute x with 1 and 2 to see if the amount corresponds to the given amount.
A.    y = 7591.96(1.02)x
y = 7,591.96(1.02)¹ = 7,743.80
  y = 7,591.96(1.02)² = 7,898.68

B.    y = 7591.96(0.02)x
y = 7,591.96(0.02)¹ = 151.84
y =7,591.96(0.02)² = 3.04

C.    y = 7595(1.02)x THIS IS THE CORRECT EQUATION.
y = 7,595(1.02)¹ = 7,746.90
y = 7,595(1.02)² = 7,901.84

D.    y = 7595(0.02)x