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Jon places $6,500 in his bank account that grows at a rate of 3% per year.

Write a function (equation) that models this relationship. (2 points).

The function (equation) that models this relationship is

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Answer:

Step-by-step explanation:

When interest compounds once per year, the formula for this is

[tex]A(t)=P(1+r)^t[/tex] where P is the initial investment, r is the interest rate at which it grows, and t is the time in years. Therefore, our model is

[tex]A(t)=6500(1+.03)^t[/tex] or simplified a bit:

[tex]A(t)=6500(1.03)^t[/tex]

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