The equation that represents Jayla's current account balance with the initial amount is c=1.07b.
What is Compound Interest?
Compounding is a process where the interest is credited to the initial amount and interest, on the whole, is charged again. and this continues for t period of time.
It is given by the formula,
[tex]A = P(1+\dfrac{r}{100})^t[/tex]
where, A is the value after t period of time, and,
r is the rate of interest.
Given to us
Jayla's bank account increased by 7% this year.
The amount that Jayla started with is b,
The amount that Jayla has now is c.
The equation that represents Jayla's Account
We know the general equation for compound interest is given as,
[tex]A = P(1+\dfrac{r}{100})^t[/tex]
Substituting the values we will get,
[tex]c=b(1 + \dfrac{7\%}{100})^1\\c = b(1.07)[/tex]
Hence, the equation that represents Jayla's current account balance with the initial amount is c=1.07b.
Learn more about Compound Interest:
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