Scrooge invests $500. He found a bank that would pay him 4% interest, compounded annually. He deposits the whole 5500 and does not deposit or withdraw any other amount. This situation can be modelled by the equation f(x) = 500(1.04)", where
x represents the time in years since he made his initial deposit
1. How much money would he have after 4 years? (Round to the nearest penny)
dollars
2. How long would it take him to double his money? (Round to the nearest 100th)
years