Concept explainers
The amount of salary Mr. Acosta will earn in 7 years.
Answer to Problem 6CYU
The amount of salary of Mr. Acosta in 7 years is $
Explanation of Solution
Given information:
Initial salary of Mr. Acosta is $34,000.
Growth rate of salary is 1.5%.
Time is 7 years.
Calculation:
We know the exponential function equation is given by
Also
We have
Initial value ( a) = 34,000
Growth rate ( r) = 1.5% = 0.015
Growth factor ( b ) =
Time ( t ) = 7 years
Plugging the value of a = 34000 , b = 1.015 and t = 7 in exponential function equation
Simplify
Therefore, the amount of salary of Mr. Acosta in 7 years is approximately $
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