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blsea [12.9K]
2 years ago
11

Robert takes out a loan for $7200 at a 4.3% rate for 2 years. What is the loan future value?

Mathematics
1 answer:
salantis [7]2 years ago
5 0

Answer:

$7,526.94 future value with interest.

Step-by-step explanation:

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Model the data using an exponential function f(x) = Abx. HINT [See Example 1.]
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We take the function as a sequence

Term 1 ⇒ 5 
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Between terms, there is a common ratio of ⁴/₅
We get it from here:
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When a sequence has a common ratio between term, the sequence is a Geometric Sequence

n_{th}term=ar^{n-1}
Where a is the first term, r is the common ratio, and n is the term number

We have: a=5 and r= \frac{4}{5}
The formula for the function is

f(x)=5( \frac{4}{5})^{x-1}


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