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3 years ago

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Vanessa invested $2,500 into an account that will increase in value by 3.5% each year. Write an exponential function to model th

is situation, then find the value of the investment after 20 years.

1 answer:

anygoal [31]3 years ago

5 0

An exponential function is $F = P (1+i)^{t}$ . $4975 is the value of the investment after 20 years, if Vanessa invested $2500 that will increase in value by 3.5% each year.

Step-by-step explanation:

The given is,

Vanessa invested $2,500

Increase in value by 3.5% each year

Step:1

Formula to calculate the future value is,

$F = P (1+i)^{t}$ .............................(1)

Where, F - Future worth of the investment

P - Initial investment

i - Rate of increase

t - Time taken

From given values,

P = $2500

i = 3.5%

t = 20 years

Equation (1) becomes,

$F = 2500 (1+0.035)^{20}$ ( $i=\frac{3.5}{100} = 0.035$ )

$= 2500 (1.035)^{20}$

= (2500 × 1.989788)

= 4974.4721

≅ $4975

F = $4975

Result:

An exponential function is $F = P (1+i)^{t}$ . $4975 is the value of the investment after 20 years, if Vanessa invested $2500 that will increase in value by 3.5% each year.

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