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Grace deposits $1000 in a mutual fund earning 9.5% annual interest, compounded monthly. Write an exponential function that models this situation where y is the amount of Grace's investment and x is time
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Grace deposits $1000 in a mutual fund earning 9.5% annual interest, compounded monthly. Write an exponential function that models this situation where y is the amount of Grace's investment and x is time in years.

User Sisyphus
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see the attachment for the answer and enjoy :)
add this statement at the end...... "Also, if she retires at 67, then there are 67-25=42 years of investment, which gives A=$53212.28"
Grace deposits $1000 in a mutual fund earning 9.5% annual interest, compounded monthly-example-1
User Jim Dovey
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