Answer:
See the attached
Step-by-step explanation:
An exponential function has the variable in the exponent.
If you flip a coin and roll a 6-sided die, what is the probability that you will flip a tails and roll at least a 2?
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Principal Amount = P = $885
Amount Accumulated = A = $3500
Interest rate = r = 12% = 0.12
Compounding period in a year = n = 2
Time in years = t = ?
The formula for compounding is:
Using the values, we get:
This means, it will take him 11.8 or approximately 12 years
Amount Accumulated = A = $3500
Interest rate = r = 12% = 0.12
Compounding period in a year = n = 2
Time in years = t = ?
The formula for compounding is:
Using the values, we get:
This means, it will take him 11.8 or approximately 12 years