An account grows at an annual interest rate of r , so it grows by a factor of x = 1+ r each year. The function A(x)= 800x^4 + 350x^3 + 500x^2 + 600x gives the amount in the account after 4 years when the growth factor is x. 1) What is the total amount in the account if the interest rate for the account is 3% each year?

Applying the formula, it is found that the total amount in the account will be of $2,431.3.

The amount in the account after 4 years is given by:

In which the growth factor is x = 1 + r, in which r is the interest rate, as a decimal.

In this problem, interest rate of 3%, hence .

Then:

The total amount in the account will be of $2,431.3.

A similar problem is given at link

2431.311498

Step-by-step explanation:

Given the model:

A(x)= 800x^4 + 350x^3 + 500x^2 + 600x

x = growth factor = (1 + rate)

If rate = 3% ; x = (1 +. 3%) = (1 + 0.03 = 1.03

Hence,

A(1.03)= 800(1.03)^4 + 350(1.03)^3 + 500(1.03)^2 + 600(1.03)

= 2431.311498

This is the amount in account after 4 years, if the interest rate is 3% and growth rate = (1 + rate)

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step-by-step explanation:

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