127k views
4 votes
An initial investment of $60.00 increases in value by 15% each year. Which of the following statements are true? Select all that apply. Round your answers to the nearest dollar.

1 Answer

2 votes
Given:initial investment = $60.increase in value by 15% each year
The function that best represents the above problem is: f(x) = 60 * (1.15)^x
f(4) = 60 * (1.15)⁴ = 60 * 1.75 = 105.00f(6) = 60 * (1.15)⁶ = 60 * 2.31 = 138.60f(7.86) = 60 * (1.15)⁷.⁸⁶ = 60 * 3 = 180After 7.86 years the value of the investment will be 3 times the initial valuef(8) = 60 * (1.15)⁸ = 60 * 3.06 = 183.60 After 8 years the value of the investment will be $184.00
User Ieure
by
7.6k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories