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ololo11 [35]
3 years ago
11

A new savings account is opened with 400 and gains 3% every year.what is the exponential function?

Mathematics
1 answer:
Marianna [84]3 years ago
7 0

Answer:

Exponential function is:

y = 100 (1.03)ˣ

Step-by-step explanation:

We know that the exponential growth function is of the form

y = a (1 + r)ˣ

Here:

a = initial value

r = growth rate

x = number of time intervals that have passed

Given that A new savings account is opened with 400. Thus,

a = 400

Given that a new saving account gains 3% every year.

r = 3% = 0.03

now substituting a = 400 and r = 0.03 in the function

y = a (1 + r)ˣ

y = 100 (1 + 0.03)ˣ

y = 100 (1.03)ˣ

Therefore, exponential function is:

y = 100 (1.03)ˣ

<em>Please note that the growth factor i.e. 1.03 is greater than 1, so the exponential function represents exponential growth.</em>

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