For this case we have a function of the form:
y = A * (b) ^ t
Where,
A: initial amount
b: growth rate
t: time
Substituting values we have:
y = 1000 * (3) ^ ((1/8) * t)
For 24 years we have:
y = 1000 * (3) ^ ((1/8) * 24)
y = 27000
Answer:
D) 27,000; exponential
Answer:
A. 2.18 × 10^4
Step-by-step explanation:
2.18 × 10^4
10^4 = 10000
2.18 × 10000 = 21800 which is less than 22874
This question can be approached using the present value of annuity formula. The present value of annuity is given by

, where: PV is the present value/amount of the loan, P is the periodic (monthly in this case) payment, r is the APR, t is the number of payments in one year and n is the number of years.
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
</span>

<span>
Therefore, his monthly payment is $119.44</span>
Answer:
Step-by-step explanation:B