Final answer:
The expression l(67) using the function l(d) = 100e^(0.02d) represents the late fee for payments overdue by 67 days according to the given function.
Step-by-step explanation:
The function l(d) = 100e^(0.02d) represents the late fees, denoted as l, accrued for payments overdue by d days. To find l(67), substitute 67 for d in the function:
l(67) = 100e^(0.02 * 67)
Calculating the exponent first: 0.02 * 67 = 1.34
Then, plug the result back into the function: l(67) = 100e^1.34
By evaluating e^1.34, the value of l(67) can be found. Solving e^1.34 gives approximately 3.824, which means the late fee for payments overdue by 67 days would be approximately 3.824 times the original amount.
Therefore, l(67) represents the late fee for payments overdue by 67 days based on the given exponential function. This showcases how the late fees increase exponentially with the number of days overdue, following the formula 100e^(0.02d), where d represents the number of days past due.