Question

An initial investment of $60.00 increases in value by 15% each year. Which of the following statements are true? Select all that apply. This function can be represented by the quadratic equation f(x)=0.15(x+60)^2 This situation can be represented by the exponential function f(x)=60 x 1.15^x This function has no x-intercept After 4 years the value of the investment will be $120.00 After 6 years the value of the investment will be $653.00 After 7.86 years the value of the investment will be 3 times the initial value After 8 years the value of the investment will be $184.00

Answer 1

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 = 105.00
f(6) = 60 * (1.15)⁶ = 60 * 2.31 = 138.60
f(7.86) = 60 * (1.15)⁷.⁸⁶ = 60 * 3 = 180
After 7.86 years the value of the investment will be 3 times the initial value
f(8) = 60 * (1.15)⁸ = 60 * 3.06 = 183.60
After 8 years the value of the investment will be $184.00