The given function $f$ models the balance of a bank account, in dol…

Question

Prompt

The given function

f

models the balance of a bank account, in dollars,

x

years after it is opened. Which statement is the best interpretation of

(1.003)^{2 x}

f (x) = 5, 000 (1.003)^{2 x}

Every 6 months, the balance increases by about $3.

Every 2 years, the balance increases by about $3.

At the end of every 6-month interval, the balance increases by about 0.3% of the balance at the beginning of the 6-month interval.

At the end of every 2-year interval, the balance increases by about 0.3% of the balance at the beginning of the 2-year interval.