Albert deposits $1,228 in an account that pays 2.83% simple interest for five years.
1 answer:
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The graph of the function f(x)=3(2)^x -4 passes through the points (0,-1), (1,2), (2,8) and (3,20)
<h3>What are exponential functions?</h3>When the expression of function is such that it involves the input to be present as exponent (power) of some constant, then such function is called exponential function.
here usual form is specified below. They are written in several such equivalent forms.
The equation of the function is given as:
Set x = 0, 1, 2 and 3
This means that the graph of the function f(x) = 3(2)^x -4 passes through the points (0,-1), (1,2), (2,8) and (3,20).
Read more about exponential graphs at:
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Answer:
$5225
Step-by-step explanation:
Use the formula for the amount after simple interest:
"A" is the final amount, or balance.
"P" is the principal, or the starting amount.
"r" is the rate of interest in decimal form.
"t" is the time.
What we know:
P = 5000
t = 3
r = 1.5%
Convert the rate to decimal form by dividing by 100, or moving the decimal place two places to the left.
1.5% => 0.015 = r
Substitute what we know into the formula:
A = P(1 + rt)
A = 5000(1 + (0.015)(3)) <=simplify
A = 5000(1 + 0.045)
A = 5000(1.045)
A = 5225 <= new balance
The new balance of an account is $5225.