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the balanced owed on your credit card doubles from $700 to $1400 in 6 months. If the balance is growing linearly then it would take 45.4 months to reach $6000. if, on the other hand, the balance is growing exponentially, f(x)=700(1+0.122)^45.4. what would the balance be after 45.4 months



Answer :

Answer:

To calculate the balance after 45.4 months using the exponential growth model given by f(x) = 700(1+0.122)^{45.4}, we can substitute the value of x = 45.4 into the equation and solve for the balance.

f(45.4) = 700(1+0.122)^{45.4}

f(45.4) = 700(1.122)^{45.4}

Now, we can calculate the balance after 45.4 months:

f(45.4) = 700(1.122)^{45.4}

f(45.4) ≈ 700(12.2)^{45.4}

f(45.4) ≈ 700(44.429)

f(45.4) ≈ 31,100.3

Therefore, the balance after 45.4 months using the exponential growth model would be approximately $31,100.3.

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