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Using an exponential equation, supposing a rate of 5%, it is found that it will take about 2.9 years for Emma's balance to reach $450.
An increasing exponential function is modeled by:
In which:
A(0) is the initial value.
r is the growth rate, as a decimal.
In this problem:
Her initial balance is of $300, hence . A(0)=300
The growth rate is of 15%, hence R =0.15
Then,
It will reach $450 after t years, for which A(t) = 450, hence:
It will take about 2.9 years for Emma's balance to reach $450
Learn more about logarithm here
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