Hi how are you today? Just a question on Exponential Growth I have a question here which is: A principle of $500 is invested at 7.5% compounded monthly for 7 years.a) Calculate the accumulated intrest at the end of each year.b) Draw a graph to show the accumulated intrest.c) Use the graph to determine when the accumulated intrest is $250.This is my answer: A=(500)(1+0.075/12)^84 which worked out gives me A=$843.85 so total intrest earned is $343.85. so the answer to a would be: Year(s) 1-$38.82, 2-$41.83, 3-$45.07, 4-$48.58, 5-$52.35, 6-$56.41, 7-$60.79Now for the next 2 questions b and c this is where I am not sure what to do. Do I graph it the same as simple intrest and if so how does that work because the line would then kinda bounce around would it not are there any good websites to get an idea about this. As for c I am not sure I really know what they are asking for this.
Level/Year: Grade 11 college prep
Subject: Exponential Growth, Compounded Interest
Hi, Welcome to Just Answer!It appears the values you are taking for interest axis (y- axis) may be incorrect. I am working the graph portion now. Will post all the answers shortly. Thanks.
Click this link and take the solutions
(Please click ACCEPT. BONUS is welcome. Thanks.)