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Investment increase exponentially by about 26% every 3 years. if you start with $2,000 investment how much money would you have after 45 years

Sagot :

Using an exponential function, it is found that you would have an amount of $64,060 in 45 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 value of A(0) = 2000, with a growth rate of r = 0.26 each 3 years, the equation is given by:

[tex]A(t) = 2000(1.26)^{\frac{t}{3}}[/tex]

In 45 years, the amount will be given by:

[tex]A(45) = 2000(1.26)^{\frac{45}{3}} = 64060[/tex]

More can be learned about exponential functions at https://brainly.com/question/25537936

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