Using the given exponential function, it is found that it will take 1.5 years for the amount of savings to double from the initial amount deposited of $1250.
<h3>Exponential function:</h3>The <em>exponential function</em> that models the savings in the bank account is given by:
- In which t is the time in years that the money has been in the account.
The time to double from the initial amount deposited of $1250 is t for which S(t) = 2(1250) = 2500, hence:
It will take 1.5 years for the amount of savings to double from the initial amount deposited of $1250.
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