Growing linearly, the balance owed on your credit card triples from 700 to 2100 in 12 months. If the balance were growing according to the exponential function f(x)=700(1+0.096)^{x} where x represents the number of months, what would the balance be after 12 months? Round your answer to the nearest cent.

Question

Growing linearly, the balance owed on your credit card triples from  700 to  2100 in 12 months. If the balance were growing according to the exponential function f(x)=700(1+0.096)^{x} where x represents the number of months, what would the balance be after 12 months? Round your answer to the nearest cent.

Accepted Answer

Step:1 ：Substitute x=12 into the function f(x)=700(1+0.096)^{x} to find the balance after 12 months.Step:2 ：Calculate the balance: f(12)=700(1+0.096)^{12}=2102.9293859167524Step:3 ：Round the balance to the nearest cent: 2102.93Step:4 ：(boxed{2102.93}) is the balance after 12 months, if it were growing according to the given exponential function.

Answer

Step: 1 ：Substitute x=12 into the function f(x)=700(1+0.096)^{x} to find the balance after 12 months.Step: 2 ：Calculate the balance: f(12)=700(1+0.096)^{12}=2102.9293859167524Step: 3 ：Round the balance to the nearest cent: 2102.93Step: 4 ：(boxed{2102.93}) is the balance after 12 months, if it were growing according to the given exponential function.

Answer

Popular Problems