$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