Question

A philanthropist pledges to donate 10% of a fund each year. If the fund initially has $450,000 how much will

Answer 1

After 7 years fund balance will be $2152336.05 if the philanthropist pledges to donate 10% of a fund each year.

What is an exponential function?

It is defined as the function that rapidly increases and the value of the exponential function is always a positive. It denotes with exponent. $\rm y = a^x$

where a is a constant and a>1

We have:

A philanthropist pledges to donate 10% of a fund each year.

We can find the amount left after 7 years as follows:

A = 450000(1 - 0.1)⁷

10% of a fund each year.

Rate r = 10% = 0.1

A = 450000(0.9)⁷

A = $2152336.05

Thus, after 7 years fund balance will be $2152336.05 if the philanthropist pledges to donate 10% of a fund each year.

Learn more about the exponential function here:

brainly.com/question/11487261

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