The given expression is
[tex] A(x) = P(1.04)^x [/tex]
Which can also be written as
[tex] A(x) = P(1+0.04)^x [/tex]
And the formula of compound interest is
[tex] A(x) = P(1+r)^x [/tex]
On comparing, we will get rate of change equals to 0.04 or 4 %.
So the correct option is the last option .
