Maggie uses a credit card with 17.4% apr compounded monthly to pay for car repairs totaling 843.12 she can pay 330 per month on
1 answer:
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Answer:
0.66
Step-by-step explanation:
The exponential growth equation is expressed as;
S(t) = S0e^kt
S(t) is the number of stores after t years
S0 is the initial number of stores
If a chain of retail computer stores opened 2 stores in its first year of operation then at t = 1, S(t) = 2. Substitute into the equation;
2 = S0e^k(1)
2 = S0e^k .... 1
Also if after 8 years of operation, the chain consisted of 206 stores, this means at t = 8, S(t) = 206. Substitute into the equation;
206 = S0e^k(1)
206 = S0e^8k .... 2
Next is to calculate the value of k
Divide equation 2 by 1;
Hence the value of k to the nearest hundredth is 0.66