an account is opened with $7,595.96 with a rate of increase of 2% per year. after 1 year, the bank account…

an account is opened with $7,595.96 with a rate of increase of 2% per year. after 1 year, the bank account contains $7,746.90. assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (round money values to the nearest penny.)\n\n$y = 7,746.90(1.02)^x$\n$y = 7,746.90(0.02)^x$\n$y = 7,595.96(1.02)^x$\n$y = 7,595.96(0.02)^x$

an account is opened with $7,595.96 with a rate of increase of 2% per year. after 1 year, the bank account contains $7,746.90. assuming no deposits or withdrawals are made, which equation can be used to find y, the amount of money in the account after x years? (round money values to the nearest penny.)\n\n$y = 7,746.90(1.02)^x$\n$y = 7,746.90(0.02)^x$\n$y = 7,595.96(1.02)^x$\n$y = 7,595.96(0.02)^x$

Answer

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula for an initial amount $P$ with an annual interest rate $r$ (as a decimal) compounded annually for $x$ years is $y = P(1 + r)^x$.

Step2: Determine the initial amount and interest rate

The initial amount $P$ is the amount in the account at the start. Here, after 1 year the amount is $7746.90$, and this becomes the initial amount for calculating the amount in future years. The annual interest rate $r=2%=0.02$, so $1 + r=1 + 0.02 = 1.02$.

Answer:

A. $y = 7746.90(1.02)^x$