Question

The membership fee at a sports club was $700 per year. Each year, the membership fee increased by 6%. Write the equation to find out how many years will it take for the cost of the membership to be $900? Do not solve.

Answer 1

`\qquad \textit{Amount for Exponential Growth} \\\\ A=P(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \$ 900\\ P=\textit{initial amount}\dotfill &700\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ t=years\\\ \end{cases} \\\\\\ 900 = 700(1 + 0.06)^(t) \implies 900=700(1.06)^t`