**Problem Statement:**A principal amount of $2,000 is placed in a savings account with an 8% annual interest rate, compounded semi-annually. Which table best models the growth of the account balance?**Table Options:****Option 1:**| x | 0 | 1 | 2 | 3 | 4 ||---|----|---------|---------|---------|---------|| y | $2,000 | $2,163.20 | $2,339.72 | $2,530.64 | $2,737.14 |**Option 2:**| x | 0 | 1 | 2 | 3 | 4 ||---|----|---------|---------|---------|---------|| y | $2,000 | $2,166.57 | $2,347.02 | $2,542.50 | $2,754.26 |**Option 3:**| x | 0 | 1 | 2 | 3 | 4 ||---|----|-------|-------|-------|-------|| y | $2,000 | $2,008 | $2,016 | $2,024 | $2,032 |**Option 4:**| x | 0 | 1 | 2 | 3 | 4 ||---|----|-------|-------|-------|-------|| y | $2,000 | $2,160 | $2,320 | $2,480 | $2,640 |**Discussion:**- Each table has two rows: - The first row (x) represents the number of compounding periods. - The second row (y) represents the account balance after each period.- The problem involves finding which table best models the scenario of an account that compounds interest at a semi-annual rate.- It is important to understand how compound interest works to properly analyze and determine which table reflects the growth accurately.

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A principal amount of $2,000 is placed in a savings account with an 8% annual interest rate, compounded semi-annually. Which table best models the growth of the account balance? O 0 1 2 3 4 y $2,000 $2,163.20 $2,339.72 $2,530.64 $2,737.14 O 0 1 2 3 4 y $2,000 $2,166.57 $2,347.02 $2,542.50 $2,754.26 X O 0 1 2 3 4 y $2,000 $2,008 $2,016 $2,024 $2,032 0 1 2 3 4 y $2,000 $2,160 $2,320 $2,480 $2,640

A principal amount of $2,000 is placed in a savings account with an 8% annual interest rate, compounded semi-annually. Which table best models the growth of the account balance? O 0 1 2 3 4 y $2,000 $2,163.20 $2,339.72 $2,530.64 $2,737.14 O 0 1 2 3 4 y $2,000 $2,166.57 $2,347.02 $2,542.50 $2,754.26 X O 0 1 2 3 4 y $2,000 $2,008 $2,016 $2,024 $2,032 0 1 2 3 4 y $2,000 $2,160 $2,320 $2,480 $2,640

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

**Problem Statement:**

A principal amount of $2,000 is placed in a savings account with an 8% annual interest rate, compounded semi-annually. Which table best models the growth of the account balance?

**Table Options:**

**Option 1:**

| x | 0 | 1 | 2 | 3 | 4 |
|---|----|---------|---------|---------|---------|
| y | $2,000 | $2,163.20 | $2,339.72 | $2,530.64 | $2,737.14 |

**Option 2:**

| x | 0 | 1 | 2 | 3 | 4 |
|---|----|---------|---------|---------|---------|
| y | $2,000 | $2,166.57 | $2,347.02 | $2,542.50 | $2,754.26 |

**Option 3:**

| x | 0 | 1 | 2 | 3 | 4 |
|---|----|-------|-------|-------|-------|
| y | $2,000 | $2,008 | $2,016 | $2,024 | $2,032 |

**Option 4:**

| x | 0 | 1 | 2 | 3 | 4 |
|---|----|-------|-------|-------|-------|
| y | $2,000 | $2,160 | $2,320 | $2,480 | $2,640 |

**Discussion:**

- Each table has two rows:
- The first row (x) represents the number of compounding periods.
- The second row (y) represents the account balance after each period.

- The problem involves finding which table best models the scenario of an account that compounds interest at a semi-annual rate.

- It is important to understand how compound interest works to properly analyze and determine which table reflects the growth accurately.

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