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A bank account earns interest at a rate of 3.5% per year ( in other words it increases in value by that percent) and starts with a balance of $350. Which of the following equations would give the account’s worth, W, as a function of the number of years, y, it has been gaining interest?

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Annually cumulating interest can be determined by the following formula:

[tex]W = P(1+r)^{y} [/tex]

r represents the interest rate as a decimal, and P represents the starting amount of money.

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