Question

The function shown can be used to determine the amount of money, indollars, in a savings account after m months. If no money is added orwithdrawn, which of the following is closest to the amount of money inthe account after 30 months?f(m) = 1500(1.003)^m

Answer 1

Given data:

The given function of amount of mmoney after m months is f(m)=1500(1.003)^m.

Substitute 30 for m in the given expression.

f(30)=1500(1.003)^(30)

=1500(1.094)

=1641

Thus, the total amount of money after 30 monnths is 1641.