Answer to Question #100674 in Algebra for Miguel

Question #100674
Find the value of the coins after 10,20,30,and 60 years use the function you identified I'm question 3 to calculate the value
1
Expert's answer
2019-12-20T04:29:48-0500

For example, we have xx coins and function: f(x)=x+0.1xyearf(x)=x+0.1x \cdot \,year (that is,+10% per year).

To calculate the function for xx coins after 10, 20, 30 and 60 years (simple interest) we will use the following formula:


X=x+x0.1YX= x + x \cdot 0.1 \cdot Y

where Y is a period of time (10, 20, 30 and 60).

To calculate the function for xx coins after 10, 20, 30 and 60 years (compound interest) we will use the following formula:


X=x(1+0.1)YX=x \cdot (1+0.1)^Y

where Y is a period of time (10, 20, 30 and 60).


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