Jeremy deposited x dollars in his investment account on January 1, 2001. The amount of money in the account doubled

Question

Jeremy deposited x dollars in his investment account on January 1, 2001. The amount of money in the account doubled each year until Jeremy had 480 dollars in his investment account on January 1, 2005. What is the value of x ?

Accepted Answer

The correct answer is 30. The situation can be represented by the equation , where the 2 represents the fact that the amount of money in the account doubled each year and the 4 represents the fact that there are 4 years between January 1, 2001, and January 1, 2005. Simplifying gives . Therefore, .

Question jeremy