Question

Kelly invested $2000 in a savings account at a simple interest rate of 2.5%. How much money will she have in 8 months?

Answer 1

Is the 2.5% monthly or annually?

Answer 2

Monthly is what I am presuming but hey! There is a catch! hold on.

Answer 3

Identify the key word and the type of function being described.




That is what it wants me to do, I do not have to solve the problem

Answer 4

Is it multiple choice? I'm having a hard time keeping track on my two calculators.

Answer 5

No, I wish, that would be so much easier. It's like essay question styled

Answer 6

Do you know how to do the math portion of this question.

Answer 7

Not really, I am really bad at this..

Answer 8

Well, I can tell you how to do the math portion, but I have to idea about the second part.

You should take the current amount of money and then multiply it by .025. Then you do this 8 times. I'll try and demonstrate it the best I can in the next reply.

Answer 9

Okay so,

(2000*0.25)^8 ?

Answer 10

2000*.025=?
?*.025=?
?*.025=?
?*.025=?
?*.025=?
?*.025=?
?*.025=?
?*.025=? <- That final question mark will be your total after 8 months. If you don't understand, you might need to ask somebody else. This is the best I can explain it.

Answer 11

It would not be 2000 every time, because your total would change each month.

Answer 12

Oh I see! So what kind of function would it be?

Answer 13

I don't know anything about the second part of the question, you might need to ask somebody else. Just bump the question when you can. Sorry that I couldn't help you more.