the amount of simple interest earned in a savings account varies directly with the amount of money in the savings account with the amount of money in the account. A certain bank offers a 2% savings rate write a direct variation equation for the amount of interest, y earned on a balance of x
To write a direct variation equation for the amount of interest, y, earned on a balance of x in a savings account with a 2% savings rate, we need to understand the concept of direct variation.
In a direct variation, two variables are related in such a way that as one variable increases or decreases, the other variable increases or decreases proportionally.
In this case, the amount of interest earned, y, varies directly with the amount of money in the savings account, x. We are told that the savings rate is 2%, which means that for every dollar in the account, we earn 2 cents in interest.
To convert the percentage to a decimal, we divide by 100. So, the decimal form of 2% is 0.02.
Using this information, we can write the direct variation equation as follows:
y = 0.02x
This equation states that the amount of interest earned, y, is equal to 0.02 times the balance amount, x, in the savings account.