When Nico was born his grandparents put $1000 in a special savings account the amount of money in the savings account increases by 8% every year nico tracks how much money is in the account over time
C. Create a formula for the amount of money in Nicos savings account over time
Y=a-b^x
A=initial amount
B=growth Fraction
D. Use your formula to find the amount of money in Nicos savings account after 18 years
To create a formula for the amount of money in Nico's savings account over time, we can use the growth rate of 8%. Let's break down the formula:
Y = A * (1 + B)^x
Where:
Y = amount of money in Nico's savings account after x years
A = initial amount, which is $1000
B = growth fraction, which is 8% or 0.08
x = number of years
Now, let's calculate the amount of money in Nico's savings account after 18 years:
Y = 1000 * (1 + 0.08)^18
Y = 1000 * (1.08)^18
Y ≈ 2647.01
Therefore, the amount of money in Nico's savings account after 18 years is approximately $2647.01.