Question

Laura invest $300 into an account with an interest rate of 4% compounded annually. Write an exponential function to represent this situation

Answer 1

The exponential function that represents the future value of the investment is $300(1.04)^t.

What is the exponential function?

The exponential function that can be used to determine the future value of the investment is:

FV = P (1 + r)^nm

• FV = Future value
• P = Present value
• R = interest rate
• m = number of compounding
• N = number of years

$300(1.04)^t.

Where t represents number of years

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