Answer:
Step-by-step explanation:
In the equation [tex]y = 1000(1.08)^x[/tex] Â x represents the years, so for 5 years for example, you would plug in 5 for x. For 60 months, which is equal to 5 years, you would have to put 5 in the exponent by dividing x by 12 months of the year, so the equation would be:
[tex]y=1000(1.08)^{x/12}[/tex]
Plugging in 12 months for x, we get:
y = 1000(1.08)^1
Plugging in 6 months for x, we get:
y = 1000(1.08)^1/2
y = 1000([tex]\sqrt{1.08}[/tex])
This equation works:
Solution: [tex]y=1000(1.08)^{x/12}[/tex]