Acelynn borrows $1337 to buy a four wheeler. The interest rate is 4% for the 14 year loan. How much interest will she pay back f
2 answers:
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Answer
Exponential function is in the form of : .....[1]
where a is the initial amount and r is the growth rate and (1+r) is the growth factor.
Given the function:
On comparing with equation [1] we have;
Initial amount(a) = 12
1+r = 1.05
Subtract 1 from both sides we get;
or 5%
Growth (r) = 0.05 or 5%
Now, evaluate the function for t = 5 we have;
Substitute the value of t=5 in the given function we have;
Therefore, the value of function when t=5 to the nearest tenth is 15.3
Answer:
the property of Logarithms,
so,