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Scrooge invests $500. He found a bank that would pay him 4% interest, compounded monthly.
a) Type of exponential function.

b) Write a function to represent the situation.

c) If he deposits the whole $500 and does not deposit or withdraw any other amount, how much money would he have after 4 years?

Respuesta :

  1. The exponential function is a growth function.
  2. The exponential function that represents the situation is: A(1 +r)^nm.
  3. The amount of money that Scrooge would have in 4 years is $586.60.

The formula that can be used to determine the amount Scrooge would have in 4 years is: A(1 +r)^nm

A = Amount invested = $400

r = interest rate = 4/12 = 0,0333

n = number of years

m = number of compounding

$500(1.0333)^(12 x 4) = $586.60.

A similar question was solved here: https://brainly.com/question/15278974

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