Please help due today!!!

15. Alec’s portfolio includes a bind that has an average annual growth of 3.5% per year.

A. write an exponential equation to represent the balance of Alec’s fund where x is the number of years and y is your investment after x years.

B. If he invests $165, what will his investment balance be after 25 years?

Question

23-03-2024
Mathematics

contestada

Please help due today!!!

15. Alec’s portfolio includes a bind that has an average annual growth of 3.5% per year.

A. write an exponential equation to represent the balance of Alec’s fund where x is the number of years and y is your investment after x years.

B. If he invests $165, what will his investment balance be after 25 years?

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reinhard10158 reinhard10158 · Answer 1 · 2024-03-23T09:23:43+01:00

Step-by-step explanation:

now the other way around a we did in the other question : here we get the % and need to find the growth factor.

in the same way as before : the growth factor is (1 + growth rate) = (1 + 3.5%) = (1 + 0.035) = 1.035

don't forget, we calculate the growth by basing first on the old balance (multiply by 1) and then add the additional part (multiply the original balance by the given percent and add). therefore, here, 1.035.

A.

our function

I(x) = y = initial investment × (1.035)^x

B.

initial investment = $165

x = 25

I(25) = y = 165 × (1.035)²⁵ = $389.9354224... ≈ $389.94