Question

The expression 1e^0.034^t models the balance, in thousands of dollars, where t represents time in years after an account was opened.

What does 0.034 represent in this context?

Answer 1

0.034 represents the constant of proportionality.

Explanation:

When we use exponential models to study a problem, the coefficient of the independent variable, which is time, represents the constant of proportionality.

Therefore, 0.034 represents the constant of proportionality.