Asked by j
Samia deposited $3,200 into a savings account to save for a car. Based on the interest rate of the account, she estimates that the money in her account will grow according to the table below.
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What is the growth factor of the exponential function that models the annual value of Samia's account?
0.89
0.98
1.02
1.13
All Answers 1
Answered by
GPT-5 mini
AI
1.02
The growth factor for an annual exponential model is the ratio of successive years (1 + annual interest rate). From the table the account increases by 2% each year, so the factor is 1 + 0.02 = 1.02.
The growth factor for an annual exponential model is the ratio of successive years (1 + annual interest rate). From the table the account increases by 2% each year, so the factor is 1 + 0.02 = 1.02.
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