Example 2
- Author:
- Walch Education
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?
This applet is provided by Walch Education as supplemental material for their mathematics programs. Visit www.walch.com for more information.