Question

you plan on saving money for college. you start when you are 8 years old with $500 that you earned during the summer. you plan on earning 8% per year on your investment. what is the exponential function that shows how much you will make? complete the table and graph. how much money will you have after 5 years? 8 years? 10 years?

Answer 1

f(t) = 500·1.08^t

table and graph are attached

Explanation:

The future value of an investment of principal P at annual interest rate r compounded annually for t years is ...

FV = P(1 +r)^t

For the values given in the problem, the exponential function is ...

f(t) = 500(1.08^t)

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The table and graph are attached.