Question

A quantity with an initial value of 8100 grows exponentially at a rate of 0.35% every 4

decades. What is the value of the quantity after 47 years, to the nearest hundredth?

Answer 1

8133.38

Explanation:

Given that :

Initial value, P = 8100

Growth rate = 0.35% every 4 decade = 0.35% /40 = 0.0000875 per year

Quantity after 47 years

Using the relation :

A = P*e^(rt)

Amount after t years

t = 47 years

A = 8100 * e^(0.0000875*47)

A = 8100 * e^0.0041125

A = 8100 * 1.0041209

A = 8133.3798

A = 8133.38 (nearest hundredth)