You buy a car from your neighbor at a price of $9,000. You pay $500 down and pay 9.5% on the balance. If you make monthly paymen
1 answer:
You might be interested in
Answer:
The monthly growth rate is 3.5%.
Step-by-step explanation:
The exponential growth function is given as follows:
Here,
<em>y</em> = final value
<em>a</em> = initial value
<em>r</em> = growth rate
<em>x</em> = time taken
The provided expression for the monthly growth of membership in the new drama club at a school is:
Comparing this function with the exponential growth function:
Then value of <em>r</em> is 0.035 or 3.5%.
Thus, the monthly growth rate is 3.5%.