PICTURE ABOVE ^^ PLEASE HELP
1 answer:
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Answer:
where f(x) is the bonus every year and x is in number of years
Step-by-step explanation:
The function that represents the situation where $840 annual bonus increases by 5% each year is given by
where f(x) is the bonus every year and x is in number of years
What is that $13,455.78? Something? I did this and got $13,122.76. Here's how I did it:
Use this formula
where A is the ending amount, P is the starting amount, n is the number of times it compounds a year, and t is the number of years. We have all we need to set it up:
First divide and add inside the parenthesis:
then multiply the exponents:
raise the value inside the parenthesis to the power of 260:
and finally multiply to get A = $13,122.76
Use this formula
First divide and add inside the parenthesis:
then multiply the exponents:
raise the value inside the parenthesis to the power of 260:
and finally multiply to get A = $13,122.76