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Question
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The number of compounding per year is
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
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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