Question

The compound periods multiplied by the number of years is 4t. The initial number of cars serviced is 920. The growth factor is represented by 1.03. The quarterly rate of growth is 0.03 or 3%. The growth rate is 1.03. 920(1.03) is the number of cars multiplied by 1.03. Base arrowRight Coefficient arrowRight Exponent arrowRight Rate

Answer 1

The number of compounding per year is$N = 920(1+0.03)^4t$

How can the number of compounding per year be calculated?

This can be calculated by making use of the formular;  920(1.03)^4t and use the  compound interest equation which is N=P( 1+r/n)^nt

We know that 12% was given as the rate per year, then to get the quarter rate we divide by factor of 4, which is  12/4= 3%

The compounding for t years = n*t = 4t where n=4.

and the Initial number of cars serviced=920

Then we can substitute the values into the above equation, we have Thus $N = 920(1+0.03)^4t$

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CHECK THE COMPLETE QUESTION BELOW:

Drag the tiles to the boxes to form correct pairs. Not all tiles will be used. A car repair center services 920 cars in 2012. The number of cars serviced increases quarterly at a rate of 12% per year after 2012. Create an exponential expression to model the number of cars serviced after t years. Then, match each part of the exponential expression to what it represents in the context of the situation. 920(1.03) is the number of cars multiplied by 1.03. The quarterly rate of growth is 0.03 or 3%. The compound periods multiplied by the number of years is 4t. The initial number of cars serviced is 920. The growth factor is represented by 1.03. The growth rate is 1.03. Exponent arrowRight Base arrowRight Coefficient arrowRight Rate arrowRight