Question

James is trying to save money for college. When

Answer 1

Answer:

$y=(750)1.05^t$, where $t$ is the time (in years) from investment

Or  $y=(750)1.05^{t-5}$, where $t$ is the age of James

Step-by-step explanation:

exponential model:  $y=ab^t$,  where $t$ is the time (in years) from investment

when t = 0, y = 750

$\implies 750=ab^0$

As $b^0=1$

$\implies 750=a$

Therefore, $y=750b^t$

If the savings increase by 5% each year, then b = 105%.

105% = 105/100 = 1.05

Therefore, b = 1.05

So final model: $y=(750)1.05^t$, where $t$ is the time (in years) from investment

Or, we can write this as $y=(750)1.05^{t-5}$, where $t$ is the age of James