izmo is investing in TikTok stock. He plans on adding an additional $250 at the end of every year and the expected monthly rate of return is 8.3% of the amount invested, calculated at the end of the month. If he starts with $425 in the account, write an equation that models the amount of money in the account each month for the first year.

Question

Mathematics

Jazlyn Anthony

24 September, 00:00

izmo is investing in TikTok stock. He plans on adding an additional $250 at the end of every year and the expected monthly rate of return is 8.3% of the amount invested, calculated at the end of the month. If he starts with $425 in the account, write an equation that models the amount of money in the account each month for the first year.

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Answers (1)

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Owen Carroll · Answer 1

y=425*250^1.083

Step-by-step explanation:

It wants to write an equation of that models the amount of money in the account each month for the first year.

We need the Exponential Equation Formula: y=a*bx

Y is the amount of money in the account.

a is the initial amount he starts with

b is the amount being added each month

x is the rate of return

So, y=425*2501.083