EllamaeV519649 EllamaeV519649
  • 03-11-2022
  • Mathematics
contestada

how do i answer this/what is the answer to this

how do i answer thiswhat is the answer to this class=

Respuesta :

PaijeG646425 PaijeG646425
  • 03-11-2022

Answer:

$6.43

Explanation:

The given problem can be solved using the exponential growth equation below;

[tex]y=a(1+r)^x[/tex]

where a = the initial cost in 2003 = $4.75

r = rate in decimal = 1.8% = 1.8/100 = 0.018

x = number of years = 17 years

Let's go ahead and substitute the above values into the equation and solve for y;

[tex]\begin{gathered} y=4.75(1+0.018)^{17} \\ y=\text{ \$6.43} \end{gathered}[/tex]

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