Question

Growing linearly, the balance owed on your credit card triples from $600 to $1800 in 9 months. If the balance were growing according to the exponential functionf(x) = 600(1 + 0.13) where x represents the number of months, what would the balance be after 9 months? Round your answer to the nearest cent.

Answer 1

If we evaluate the given function at x=9 we get:

$f(9)=600(1+0.13)^9=600(1.13)^9=1802.43.$

Answer: After 9 months the balance would be $1802.43.