A bank account earning annual compound interest was opened with an initial deposit. No withdrawals or deposits were made after account creation. The balance in the account after \(t\) years can be modeled by the equation \(f(x)=1270(1.04)^{t}\). Which statement is the best interpretation of one of the values in this function?
The balance in the account at the end of one year is \(\$1270\).
The initial balance of the account decreases at a rate of \(96\%\) each year.
The initial balance of the account increases at a rate of \(96\%\) each year.
The initial balance of the account was \(\$1270\).
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