Suppose 3

Suppose that a couple invested Php 50 000 in an account when their child was born, to prepare for the child's college education. If the average interest rate is 4.4% compounded annually,

a, Give an exponential model for the situation
b, Will the money be doubled by the time the child turns 18 years old?

Result

x=




Solution:

x0=50000 Php q=4.4%=1+4.4100=1.044 t=18 y  k=q18=1.044182.1707 x18=x0 k=50000 2.1707108537.2916 Php  k>2 x=1



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