You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 yea
rs?
1 answer:
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Answer:
0.47x + 7.72
Step-by-step explanation:
We have to create a Linear model using the given two points on the graph. The two points are: (21, 17.5) and (43, 2.75)
The general equation of the line in slope intercept form is
y = mx + c
where m is the slope and c is the y-intercept.
Calculating the slope:
Using the value of m in above equation we get:
y = 0.47x + c
Calculating the y-intercept:
Using any of the given points we can calculate the value of c. Using the point (21, 17.5) in the above equation, we get:
17.5 = 0.47(21) + c
c = 17.5 - 0.47(21)
c = 7.63
Therefore, the equation is:
y = 0.47x + 7.63
Hence option a is the correct answer. The slight change in the value of "c" is because of rounding the value of m to 2 decimal places.
So from the given options, the correct answers is:
y = 0.47x + 7.72