This is from #58, Chapter 5, Section 5.2 from the 4th Edition of %26quot;Contemporary Precalculus: A Graphing Approach%26quot;: Anne now has a balance of $800 on her credit card, on which 1.5% interest per month is charged. Assume that she makes no further purchases or payments (and that the credit card company doesn%26#039;t turn her account over to a bill collector).
(a) Find the rule of the function g that gives Anne%26#039;s total credit card debt after x months.
(b) How much will Anne owe after one year? After two years?
(c) When will she owe twice the amount she owes now?
Could you find the answer for #58 from Chapter 5, Section 5.2 of %26quot;Comtemporary Precalculus - 4th edition%26quot;
Amount due = 800 x (1.015)^n where the exponent n is the number of months that she is charged interest.
How did I get that? The first month, she owes 1.5 percent of 800, which is 12 dollars. 1.015 x 800 also gives 812. So each month, you multiply by 1.015. For three months, she would owe 800 x 1.015 x 1.015 x 1.015 or 800 x 1.015^3. Hence the equation above...
Now you can answer the rest of the questions.
Hope that helps!
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