STAAR Algebra I Practice Test 8

The function $B(t)=350(1.04{)}^t$ models the balance, in dollars, of Noemi's savings account $t$ years after she opened it. Choose the correct answer from each drop-down menu to complete the statement. In this function, 350 represents Select…the balance after one yearthe interest earned in the first yearthe amount added to the account each yearthe balance when the account was opened, and 1.04 shows that the balance Select…increases by 104% each yeardecreases by 4% each yearincreases by $4 each yearincreases by 4% each year.