Find 30% of 70 a. 21 b. 36 c. 40
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We have been given that Sarah invests her graduation money of $1,750 in an annuity that pays an interest rate of 6% compounded annually. We are asked to write an exponential function for her investment growth.
We will use compound interest formula to solve our given problem.
, where
A = Final amount after t years,
P = Principal amount,
r = Annual interest rate in decimal form,
n = Number of times interest is compounded per year,
t = Time in years.
Since interest is compounded annually, so .
Therefore, the function describes Sarah's investment growth.