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RUDIKE [14]
4 years ago
10

Given an exponential function for compounding interest, A(x) = P(1.02)x, what is the rate of change?

Mathematics
2 answers:
Vikentia [17]4 years ago
3 0
A(x) = P(1.02)^x
A(x) = P(1 + 0.02)^x
A(x) = P(1 + r)^x

Therefore rate of change = 0.02 = 2%.
allochka39001 [22]4 years ago
3 0

Answer:

The correct option is 1. The rate of change is 2%.

Step-by-step explanation:

The general growth function is

A(x)=P(1+r)^x .... (1)

Where, P is initial value and r is rate of change.

The given exponential function for compounding interest is

A(x)=P(1.02)^x

The given function can be written as

A(x)=P(1+0.02)^x ..... (2)

From (1) and (2) we get

r=0.02

In % it can be written as

r=2\%

Therefore the correct option is 1. The rate of change is 2%.

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