SOLUTION: Hello, I hope I chose the correct section. I am working on a word problem/exponential function. "Grace deposits $1000 in a mutual fund earning 9.25% interest, compounded monthly"
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-> SOLUTION: Hello, I hope I chose the correct section. I am working on a word problem/exponential function. "Grace deposits $1000 in a mutual fund earning 9.25% interest, compounded monthly"
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Question 1013148: Hello, I hope I chose the correct section. I am working on a word problem/exponential function. "Grace deposits $1000 in a mutual fund earning 9.25% 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. ****I have y=1000(1+0.0925/12)^x*** Could someone please tell me if this is correct?? Any help would be appreciated, thanks! Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! So far you are okay...here is the complete expression...
y(x)=1000(1+0.0925/12)^(nt) = 1000(1+0.0925/12)^(12x)
