when nico was born, his grandparents put $1000 in special savings account., The amount of money in the savings account inc reases by 8% every year. Nico tracks how much money is in the account over time.
C. Create a formula for the amount o fmoney in Nico's savings account over time.
y = a x b^x
a = initial amount
b = growth amount
D. Use your formula to find the amount of money in Nico's savings accounts after 18 years.
To create a formula for the amount of money in Nico's savings account over time, we can use the formula:
y = a x b^x
Where:
y = amount of money in the account after x years
a = initial amount ($1000)
b = growth amount (1 + 0.08)
In this case, the growth amount is 1 + 0.08 = 1.08, as the amount increases by 8% every year.
Therefore, the formula for the amount of money in Nico's savings account after x years is:
y = 1000 x 1.08^x
To find the amount of money in Nico's savings account after 18 years, we substitute x = 18 into the formula:
y = 1000 x 1.08^18
y ≈ 1000 x 2.769094
y ≈ $2769.09 (rounded to the nearest cent)
Therefore, after 18 years, there will be approximately $2769.09 in Nico's savings account.