The amount of money, in dollars, in a savings account after x years is given by m(x) = 10,000(1.03)x. what does the value 1.03 represent?
a) the original deposit was $103.
b) there is a 3 percent increase in the savings account each year.
c) the savings account earns $103 interest per month.
eliminate
d) there is a 103 percent increase in the savings account each year.

Option B) There is a 3 percent increase in the savings account each year.

Step-by-step explanation:

we have

This is a exponential function of the form

where

M(x) represent the amount of money in a saving account

x represent the number of years

a is the original deposit (y-intercept)

b is the base

r is the rate or percent increase

The percent increase per year is the base of the exponential function decreased by 1.

so

In this problem we have

---> original deposit

Therefore

The percent increase per year is 3%

true

step-by-step explanation:

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