1. Ernie Boddy had $3,620.00 on deposit at savings bank on July 1. The money earns interest at a rate of 6.5% compounded quarter
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Answer:
Step-by-step explanation:
<u>Exponential Function</u>
When we need to express the exponential relation between two variables, we use the equation
where C, r are constants to be determined by using the given points from the table
For x=0, y=2, thus
We find that C=2
The equation is now
Now we use the point x=1, y=1
We find that
Thus, the equation is
Rearranging
The required equation is
We can easily verify the last two points are also obtained by using the equation