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Sagot :
If Lily chooses account A, the balance of her account would increase by a rate of 2.4% on a quarterly basis
The Equation
The equation of the function is given as:
[tex]A(t) = 3000(1.024)^{4t[/tex]
Exponential function
An exponential function is represented as:
[tex]y = a(1 + r)^x[/tex]
Where:
- a represents the initial value
- r represents the rate
So. by comparison:
[tex]1 + r=1.024[/tex]
Subtract 1 from both sides
[tex]r=.024[/tex]
Express as percentage
[tex]r=2.4\%[/tex]
From the function, the exponent of the rate is 4t.
This means that, the balance increases four times in a year.
So, her balance would increase quarterly
Read more about exponential functions at:
https://brainly.com/question/11464095
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