Answer: $7448
Step-by-step explanation:
Year 1: 1.218x
Year 2: 1.218(1.218x)
Year 3: 1.218(1.218(1.218x))
Year 4: 1.218(1.218(1.218(1.218x)))
Year 5: 1.218(1.218(1.218(1.218(1.218x))))
Year 6: 1.218(1.218(1.218(1.218(1.218(1.218x)))))
Year 7: 1.218(1.218(1.218(1.218(1.218(1.218(1.218x))))))
Year 8: 1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218x)))))))
Year 9: 1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218x))))))))
Year 10: 1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218x)))))))))
Year 11: x(1.218¹¹)
Year 12: x(1.218¹²) = 79,400
x(10.6602517) = 79,400
x = 79,400/10.6602517
x=7448.22939
x = $7448
Hope this helps!
