Question

The value of Julie's savings account can be modeled by the function S(x) = 5,000(1.025)0.7x, where x is the number of years since 1980. What is the approximate growth rate of the savings account?1.0.72%2.1.74%3.2.50%4.18.87%

Answer 1

Answer:

#3

Step-by-step explanation:

from the formula given, the part "(1.025)" would be the growth factor or rate.

This part has a formula:

(1 + r)

where r is rate

So substituting, we get:

$1.025 = 1 + r\\1.025 - 1 = r\\r = 0.025$

So, in pecentage, we have to multiply, thus we get:

0.025 * 100 = 2.5%

Answer choice #3