### Home > AC > Chapter 14 > Lesson 14.3.1.5 > Problem3-65

3-65.

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.

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

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

Substitute $16$ for $x$.

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

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