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3 years ago

The function f(x) = 2,000(1 + )12t models the balance in a savings account.

Business

2 answers:

Naddika [18.5K]3 years ago

8 0

? wat class this for

tresset_1 [31]3 years ago

4 0

Answer:

In the exponential function f(x) = P(1 + )nt :

P = principal value

r = the annual interest rate

n = number of compounding periods in a year

t = time in years

For the given function, P = 2,000, r = 0.0225, or 2.25%, and n = 12. So, the interest compounds 12 times a year, or monthly.

Therefore, the savings account had an initial balance of $2,000 and compounds monthly at an interest rate of 2.25%.

Explanation:

Explanation from PLATO

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Answer:

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