Conan borrows $3,000 at a yearly simple interest rate of 1.6% for 2 years.
1 answer:
You might be interested in
Answer:
d) 0.798
Step-by-step explanation:
Since we know that an exponential function is in form: , where,
a= Initial value,
b = For growth b is in form (1+r), where r is rate in decimal form.
b = For decay or regression b is less than 1 and in form (1-r), where r is rate in decimal form.
Upon looking at our given choices we can see that options a, b and c are in form 1+r, while choice provided in option d is less than 1 and in form 1-r, therefore, option d is the correct choice.