Question

Given the exponential function f(x) =60(1.07)x , classify the function as exponential growth or decay and determine the percent rate of growth or decay

Answer 1

Answer: exponential growth, 7% increase

Answer 2

Given the exponential function

`f(x)=60(1.07)^x`

Step-by-step explanation

To find the answer we need to compare the function with the general formula. This is given as

`f(x)=a(1+r)^x`

f(x) = exponential growth function

a= initial amount

r= growth rate

x= number of time intervals

From the given function we will have;

`f(x)=60(1.07)^x=60(1+0.07)^x`

Answer:

Rate =0.07

Since the rate is positive, the function can be classified as a growth