Answer:
If the balance is growing exponentially the balance after 45.4 months will be $44,925.94.
Step-by-step explanation:
The exponential growth equation is:
[tex]f(x)=700(1+0.096)^{x}[/tex]
Compute the value of f (x) for x = 45.4 as follows:
[tex]f(x)=700(1+0.096)^{x}[/tex]
[tex]=700(1+0.096)^{45.4}\\\\=700\times (1.096)^{45.4}\\\\=700\times 64.1799181\\\\=44925.94267\\\\\approx 44925.94[/tex]
Thus, if the balance is growing exponentially the balance after 45.4 months will be $44,925.94.
