1 Multiple Choice 5 points Youinvested \( \$ 1500 \) into an account with an annual percentage rate of \( 6 \% \) compounded annually. You plan to keep the money in the account for the next 10 years. Consider the function that relates the time and the amount of money in the account. Which is the most appropriate domain? \[ \begin{array}{l}x \geq 0 \\ 0 \leq x \leq 10 \\ y \geq 1500 \\ 1500 \leq x \leq 2686\end{array} \]
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When considering the duration of your investment, the most appropriate domain for this context is \( 0 \leq x \leq 10 \). This means that \( x \) represents the number of years the money is kept in the account, starting from 0 years (the initial investment) to 10 years (the planned duration of the investment). Understanding how compound interest works can provide exciting insights about your investment growth. Over those 10 years at a 6% annual interest rate, your initial investment of $1500 will not just grow by simple arithmetic; it will increase exponentially due to being compounded. In fact, you will end up with around $2686, showcasing the power of compound interest!