Basic Mathematics - Old Questions

1.  (a) In 2000; 100 is invested in a savings account, where it grows by accruing interest that is compounded annually (once a year) at an interest rate of 5:5%. Assuming no additional funds are deposited to the account and no money is withdrawn, give a formula for a function describing the amount A in the account after x years have elapsed.     [5]

5 marks | Asked in Model Question