Roberta invested $600$600 into a mutual fund that paid 4%4% interest each year compounded annually. Write an exponential function of the form y=a(b)x𝑦=𝑎(𝑏)𝑥 to describe the value of the mutual fund then use that function to determine the value of the mutual fund in 1515 years.y=𝑦= (( )x)𝑥What number will you fill in for x𝑥 to solve the equation?y=$𝑦=$
Question
Roberta invested 600 into a mutual fund that paid 4%4% interest each year compounded annually. Write an exponential function of the form y=a(b)x𝑦=𝑎(𝑏)𝑥 to describe the value of the mutual fund then use that function to determine the value of the mutual fund in 1515 years.y=𝑦= (( )x)𝑥What number will you fill in for x𝑥 to solve the equation?y=
Solution
The exponential function to describe the value of the mutual fund is y = 600(1 + 0.04)^x, where x is the number of years.
To determine the value of the mutual fund in 15 years, you will fill in 15 for x in the equation. So, y = 600(1 + 0.04)^15.
Similar Questions
Aubree’s parents invested $500 into a mutual fund that paid 6.5% interest each year compounded annually when she was born. Find the value of the mutual fund in 18 years.y=𝑦= Answer 1 Question 26 (( Answer 2 Question 26 )x)𝑥What number will you fill in for x𝑥 to solve the equation? Answer 3 Question 26y=$𝑦=$ Answer 4 Question 26
Instructions: Interpret the function given in the context of the real-world situation described to answer the question.Suppose a long term investment is modeled by the exponential function V(t)=300(25)t20𝑉(𝑡)=300(25)𝑡20 where V(t)𝑉(𝑡) is the total value after t𝑡 year. What does 300300 represent in the equation?Multiple choice 1 Question 13The interest rateThe growth factorThe initial depositThe number of years
Beatrice invests her $350 at a rate of 0.25% per month compound interest.Calculate the amount Beatrice has at the end of 5 years.Give your answer correct to the nearest dollar.
Amanda invested $9000 in a fund for 5 years and was paid simple interest. The total interest that she received on the investment was $1800. As a percentage, what was the annual interest rate of her investment?
A person places $38100 in an investment account earning an annual rate of 4%, compounded continuously. Using the formula V, equals, P, e, start superscript, r, t, end superscriptV=Pe rt , where V is the value of the account in t years, P is the principal initially invested, e is the base of a natural logarithm, and r is the rate of interest, determine the amount of money, to the nearest cent, in the account after 9 years.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.