Answer:
The exponential equation is <em>A = 600(1.04)^15</em>
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The value of the mutual fund after 15 years is <em>$1,081</em>
Step-by-step explanation:
The value of the mutual fund after the number of years can be represented using the compound interest equation below;
A = P(1 + r/n)^nt
Where A is the value of the mutual fund after 15 years, P is the initial amount invested which is $600, r is the interest rate which is 4% or 0.04(4% = 4/100 = 0.04), n is the number of times we are compounding per year(which is 1 since it is a one time payment per year) and t is the number of years which is 15
Let's plug these values, we have;
A = 600(1 + 0.04/1)^15
A = 600(1.04)^15
A = $1,081 approximately
Answer:
use a calculator on you computer or on your phone du
Step-by-step explanation:
This is how you solve for u
