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Mila invested $1,500 in an account in the year 2010, and the value has been growing exponentially at a constant rate. The value of the account reached $2, 100 in the year 2015. Determine the value of the account, to the nearest dollar in the year 2024.

Respuesta :

Answer:

$3867.80

Step-by-step explanation:

f(x)=a(1+r)^{x}

f(x)=exponential growth function

a=initial amount

r=growth rate

{x}=number of time intervals

so let x=years

start amount is 1,500

1,500(1+r)^5=2100

(r+1)^5= 7 /5

((r+1)5) ^1 /5 =( 7 /5 ) ^1 /5

r=0.06961

which is rounded 7 percent growth rate

2024-2010=14 years

1,500(1+0.07)^{14}=

3867.801225

Now round cause it's money

$3867.80

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