$1,000 is deposited into a savings account. Interest is compounded annually. After 1 year, the value of the account is $1,020. After 2 years, the value of the account is $1,040.40. This scenario can be represented by an exponential function of the form f(x)=1000(b)x
(
)
=
1000
(
)
, where f(x)
(
)
is the amount in the savings account, and x
is time in years. What is the value of b
?
(1 point)
Responses
0.60
0.60
1.02
1.02
0.80
0.80
1.04
1.04