What is the future value of a loan of $2800 to be repaid in 8 months at an annual interest of 9%?
1 answer:
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Answer:
Option C.
Step-by-step explanation:
The general exponential equation is
It is given that the graph of exponential function passes through points (4,8) and (6,32). It means the equation of exponential function must be satisfied by these points.
...(1)
...(2)
Divide equation (2) by equation (1).
Taking square root on both sides.
Put b=2 in (1).
Substitute a=0.5 and b=2 in the given general exponential equation.
Therefore, the correct option is C.