Kristin’s grandparents started a savings account for her when she was born. They invested $$500$ in an account that pays $8\%$ interest compounded annually.

1. Write an equation to model the amount of money in the account on Kristin’s $x^{th}$ birthday.

   Answer (a):

   $y = 500\left(1.08\right)^{x}$

2. How much money is in the account on Kristin’s 16^th birthday?

   Hint (b):

   Substitute $16$ for $x$.

3. What are the domain and range of the equation that you wrote in part (a)?

   Hint (c):

   If you were to make a table of values for this situation, what would your minimum/maximum values be?