Question

Grace deposits $1000 in a mutual fund earning 9.5% annual interest, compounded monthly. Write an exponential function that models this situation where y is the amount of Grace's investment and x is time in years.

Answer 1

See the attachment for the answer and enjoy :)
add this statement at the end...... "Also, if she retires at 67, then there are 67-25=42 years of investment, which gives A=$53212.28"