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(Solved): The balance owed on your credit card doubles from $600 to $1200 in 6 months. If the balance grows li ...
The balance owed on your credit card doubles from $600 to $1200 in 6 months. If the balance grows linearly, it will
take 54 months to reach $6000. If, on the other hand, the balance is growing exponentially,
P_(n)=600(1+0.122)^(n), where n represents the number of months.
a. What will be the balance after 54 months? Round your answer to the nearest cent.
b. When will the balance reach $20,000 if it follows the exponential given pattern?