Question

3.A quantity with an initial value of 980 grows exponentially at a rate of 9.5% every 7 years. What is the value of the quantity after 93 years, to the nearest hundredth?

Answer 1

We have the following quantities

$a = 980, \space\space r = 0.095, \space\space \space\space \space\space$

$\gamma - ? \space\space t = 93years = \frac{93}{7} = 13.28$,

$\gamma = a*(1+r)^t = 980 * (1+0.095)^{13.28},\\\space\space γ=a∗(1+r)^ t = 3270$