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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?

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codyplays49

98 dollars every year

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Answer: The value of x is 30 dollars.

Step-by-step explanation:

Since we have given that

Number of dollars in his investment account on Jan 1, 2001 = x

Number of dollars in his investment account on Jan 1, 2005 = 480

Number of years = 4

According to question, the amount of money in the account doubled each year.

so, it becomes,

[tex]480=P(2^4)\\\\480=P\times 16\\\\P=\dfrac{480}{16}\\\\P=30[/tex]

Hence, the value of x is 30 dollars.

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