Answer: Below
Step-by-step explanation:
An interesting part of this problem is that it derives off of Exponential growth formulas.
So by plugging in the values in the Exponential growth:
[tex]y = x(1+0.02)^{4}[/tex]
[tex]y = x(1.02)^{4}[/tex]
What's important is we know the increasing factor, so:
[tex](1.02)^{4} = 1.0824[/tex]
So now we know 8.24% of something is equal to 100. We can use this to find x, which is our initial value.
x * 0.0824 = 100
x = 100/0.0824
x = 1213.59
The answer is approximately 1213.59
