Answer:
25306
Step-by-step explanation:
a=starting value = 20000
r=\text{rate = }4\% = 0.04
r=rate = 4%=0.04
\text{Exponential Growth:}
Exponential Growth:
b=1+r=1+0.04=1.04
b=1+r=1+0.04=1.04
\text{Write Exponential Function:}
Write Exponential Function:
y=20000(1.04)^x
y=20000(1.04)
x
Put it all together
\text{Plug in time for x:}
Plug in time for x:
y=20000(1.04)^{6}
y=20000(1.04)
6
y= 25306.38037
y=25306.38037
