Saving for education
Suppose a couple invested ₱50,000 in an account when their child was born, to save for college. The average annual interest rate is 4.4%, compounded annually.
a) Give an exponential model for the situation.
b) Will the money have doubled by the time the child turns 18 years old?
Your answer:
a) Give an exponential model for the situation.
b) Will the money have doubled by the time the child turns 18 years old?
Your answer:
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