Question

A bank gives 6.5% interest per year. What is the growth factor b in this situation? B=

Answer 1

b= 1.065

Explanation:

Since the amount of money increases each year, the value of b will be greater than 1.

Answer 2

Let b = the growth factor, which is 100% + 8.1% = 108.1% = 1.081. Write y = 460 ? ... BANK 1. Deposit $1500. Interest compounded annually 6.5%. Balance after 18 years. $4659.98 ... Write an exponential function to model each situation. Find each ... D and E. These give the domain and range for the x- and y-axes.

Explanation: