Respuesta :
1.03=b this makes sense because it increases 3 percent so you add 1 to .03
Answer:
The value of b in the function is 1.03.
Step-by-step explanation:
A function that models exponential growth grows by a rate proportional to the amount present. For any real number x and any positive real numbers a and b such that [tex]b\neq 1[/tex], an exponential growth function has the form
[tex]f(x)=ab^x[/tex]
where
- a is the initial or starting value of the function.
- b is the growth factor or growth multiplier per unit x.
We know that the amount of money in a bank account with an initial balance of $15,000 earns 3% per year. So each year we have all of the previous earnings plus 3% more of those earnings (100% + 3% more).
Therefore,
The value of b in the function is [tex]b=1+0.03=1.03[/tex].
