Example 2
Kendra is saving to buy a pet dog. She puts $150 in the bank with an interest rate of 15%, compounded monthly. Create a function that models the amount of money she has saved based on how much time has passed. How much money will she have in 2 years? Does a negative value for the amount Kendra deposits make sense?
1. Pick the model.
2. Determine the important quantities.
3. Substitute the variables.
4. How much money will Kendra have after 2 years?
5. Does a negative value for the amount Kendra deposits make sense?
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