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Sagot :
Using an exponential function, it is found that $11,747 will be in the account after 4 years.
What is an exponential function?
An increasing exponential function is modeled by:
[tex]A(t) = A(0)(1 + r)^t[/tex]
In which:
- A(0) is the initial value.
- r is the growth rate, as a decimal.
In this problem, considering the initial investment of $7,400, and the fact that it doubles every 6 years, the equation is given by:
[tex]A(t) = 7400(2)^{\frac{t}{6}}[/tex]
Hence the amount in 4 years is given by:
[tex]A(4) = 7400(2)^{\frac{4}{6}} = 11747[/tex]
More can be learned about exponential functions at https://brainly.com/question/25537936
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