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You have a bank account in which your balance increases annually at a rate of 4%. If your initial investment was $100.Write an equation that represents your balance after x year.

Answer :

We can find the equation using the following formula:

[tex]y=P(1+r)^x[/tex]

Where:

P = Initial investment = $100

r = interest rate = 4% = 0.04

x = Number of years

So:

[tex]\begin{gathered} y=100(1+0.04)^x \\ y=100(1.04)^x \end{gathered}[/tex]

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