Answer:
597
Explanation:
The general formula for an exponential function is P = P0*a^x, where P0 is the initial (or original) value, a is the base, and x is the exponent.
Currently, we have P0 (which is 385) and x (which is 9), but we don’t have a.
For exponential growth, a = 1 + r, where r is the growth rate. Since we’re given a percentage, we convert it to a decimal to find a:
5% = 0.05 = r
a = 1 + r = 1 + 0.05
Now we find the growth after 9 nine years by simply plugging everything in:
P = 385*(1.05)^9 = 597.26 = 597