SOLUTION: I am working on trying to write an equation for 2 different certificates of deposit starting with $5000.00 in each. The first is 2 years @ 1.410% APY The second is 5 years @ 3.04%

Question 819899: I am working on trying to write an equation for 2 different certificates of deposit starting with $5000.00 in each. The first is 2 years @ 1.410% APY
The second is 5 years @ 3.04% APY. The two equations that I came up with are
F(X)= 5000(1.410)^2x
F(X)= 5000(3.040)^5x
They don't seem to work
Answer by jsmallt9(3758) (Show Source): You can put this solution on YOUR website!
You're pretty close.

First of all, never use percents in an equation. Use the decimal or fraction equivalent for the percent instead. So the equations should have 0.01410 (for 1.0410%) and 0.03040 (for 3.040%) in them instead of the percent numbers.

Second, the expression in the parentheses should be: (1 + percent-as-a-decimal) for exponential growth or (1 - percent-as-a-decimal). So the expressions in the parentheses in your functions should be:
(1 + 0.01410) or (1.01410)
and
(1 + 0.03040) or (1.03040)

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