Ahospital sends an invoice to a patient. the patient schedules a payment plan in which she makes an initial payment of $1,451 the first month and then pays one-third of the previous month’s payment each of the following months until the invoice is paid in full. approximately how much of the invoice will be paid after the fourth month? a. $1,451.00 b. $2,095.89 c. $2,149.63 d. $2,167.54

The correct option is C.

Step-by-step explanation:

The exponential function is defined as

Where, a is the initial value and b is the growth factor.

The initial payment is 1451 and the payment of next month is one-third of the previous month’s.

The equation is

where, x is number of months.

Amount of first month payments is

Amount of second month payments is

Amount of third month payments is

Amount of fourth month payments is

The invoice will be paid after the fourth month

Therefore correct option is C.