The function f(x) = 2,500(1 + 0.021/365)365t models the balance in a savings account. Which statement accurately describes the account?A. The account had an initial balance of $2,500 and compounds monthly at an annual interest rate of 2.1%.B. The account had an initial balance of $2,500 and compounds yearly at an annual interest rate of 2.1%.C. The account had an initial balance of $2,500 and compounds daily at an annual interest rate of 0.21%.D. The account had an initial balance of $2,500 and compounds daily at an annual interest rate of 2.1%.

Answer:DStep-by-step explanation:If we look at the formula for compound growth and learn what each variable represents, we can solve this problem very easily.The formula is:Compound Growth >>  [tex]F=P(1+\frac{r}{n})^{nt}[/tex]WhereF is the Future Amount (accumulated amount after certain years)P is the Initial Balance (principal amount)r is the rate of interest (given in decimal)n is the number of compounding (if 2, compounded semi annually, 4 means compounded quarterly, 52 means compounded weekly, and 365 means compounded daily)t is the time in yearsNow, the formula given is:[tex]f(x)=2500(1+\frac{0.021}{365})^{365t}[/tex]Comparing this with compound growth formula, we see that:2500 is the initial balance0.021 * 100 = 2.1% is the interest raten = 365 means compounded dailyNow, looking at the answer choices, we see that D is the correct choice.