Bill Payne visits his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of 12½%.
1 answer:
You might be interested in
<u>Answer:</u>
Initial value: 250
Decay
Decay rate: 11%
Initial value: 40
Growth
Growth rate: 11%
<u>Step-by-step explanation:</u>
The function we have on the left of the table is:
<u>Initial value</u> (when x = 0):
y = 250 (initial value)
Growth or Decay: 0.89 < 1 so decay
Decay rate: (1 - 0.89) * 100 = 11%
Function on right side:
<u>Initial value</u> (when x = 0):
y = 40 (initial value)
Growth or decay: 1.11 > 1 so growth
Growth rate: (1.11 - 1) * 100 = 11%