What is the equivalent decimal?
1 answer:
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Answer:
The exponential function is .
You will have $1,100.55 in the account after 2 years.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
Deposit $1000 in a savings account that pays 4.8% interest compounded monthly.
This means that . So
This is the exponential function
How much will you have in your account after 2 years?
This is A(2). So
You will have $1,100.55 in the account after 2 years.
Answer:
Function 1:
The starting point is (0,0.5)
As x increases, y increases
Function 2:
The starting point is (0,3)
As x increases, y decreases
Step-by-step explanation:
In order to find the starting point, we need to plug in x=0.
As we plug in increasing numbers into function#1, the y-value increases
As we plug in increasing numbers into function #2, the y-value is decreasing