Does the quadratic function
1 answer:
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Answer:
After 5 years, savings account = $241.00
After 8 years, savings account = $269.53
Step-by-step explanation:
If the savings account increases by 3.8% per year, this means it will be 103.8% of the previous year's value since 100% + 3.8% = 103.8%
103.8% in decimal form = 103.8/100 = 1.038
Therefore, the exponential function is:
, where
is the number of years
So when ,
After 5 years, savings account = $241.00
After 8 years, savings account = $269.53