Example 2
Julissa invests $2400 in a savings account that offers 5.4% interest compounded monthly. Julissa wrote an exponential function to represent the amount of money in her savings account. Julissa’s function is , where t represents time in years. What are the key characteristics of the graph, based on the function? How would the graph change if the interest was 2%?
This applet is provided by Walch Education as supplemental material for their mathematics programs. Visit www.walch.com for more information.