$1689 invested for 4 years at 3% compounded annually ?
1 answer:
The amount gotten after $1689 invested for 4 years at 3% compounded annually is $1901
The amount of money gained after an investment is compounded is given by:
Where P is principal, A is the final amount, r is the rate, n is the number of times compounded per period and t is the time
Given that P = $1689, t = 4, r = 3% = 0.03, n = 1, hence:
The amount gotten after $1689 invested for 4 years at 3% compounded annually is $1901
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Considering the definition of exponential function, the value of the car is 11,287.25 dollars.
<h3>What is exponential function</h3>An exponential function is one in which the independent variable x appears in the exponent and has a constant a as its base. Its expression is:
f(x)= aˣ
Being a a positive real, a > 0, and different from 1, a ≠ 1.
When 0 < a < 1, then the exponential function is a decreasing function and when a > 1, it is an increasing function.
<h3>What is the price of the car</h3>In this case, the value of that car depreciates based on the function f(t)=12,000× where t is measured in years after purchase.
After 3/2 years, the value of the car is calculated as:
f(3/2)=12,000×
Solving:
<u><em>f(3/2)= 11,287.25</em></u>
Finally, the value of the car is 11,287.25 dollars.
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