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You deposit $400 into a savings account that is compounded annually. The function g(x) = 400(1.03)x can be used to find the amount of money in the savings account after x years. What is the constant percent rate of change?

1.03%
3%
97%
103%

Sagot :

Answer:

1.03

Step-by-step explanation:

This is your interest rate

Histrionicus

The constant percent rate of change in the case of a deposit of $400 into a savings account is compounded annually. The function g(x) = [tex]400(1.03)^{x} 400(1.03)^{x}[/tex] can be used to find the amount of money in the savings account after x years, which would be - 3%.

Given:

  • Principal - $400
  • rate of interest is compounded annually
  • g(x) = [tex]400(1.03)^{x}[/tex] . . . . . equation 1.

Formula used:

  • A = [tex]P (1+r)^{n}[/tex]
  • here n = x

Solution:

Putting the value of n, and principal in the formula:

=> [tex]A = 400 (1+r)^{x} ......... equation 2[/tex]

now comparing both equation 1 and equation 2,

we get,

=> [tex]400 (1+r)^x = 400(1.03)^x[/tex]

=>  [tex](1+r)^x = (1.03)^x[/tex]

=>  1 + r  = 1.03

=> r = 1.03 - 1

=> r = 0.03

=> r % = 0.03 × 100

=> r % = 3 %

thus, the constant percent rate of change = 3%

Learn more about compound interest:

https://brainly.com/question/14295570

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