The formula is P=Poe^rt and after 20 years the amount will be $14134.41
For Lyla, the formula used to solve the problem is P=Poe^rt
The function is P=3000 e^0.775t
After 20 years lyla amount will be P=3000e^0.775×20=14134.41$
The exponential function is a type of mathematical function which are helpful in finding the growth or decay of population, money, price, etc that are growing or decay exponentially.
Exponents are used in exponential functions, as the name indicates. But take note that an exponential function does not have a constant as its base and a variable as its exponent (if a function has a variable as the base and a constant as the exponent then it is a power function but not an exponential function).
As the name implies, exponential functions employ exponents. The base and exponent of an exponential function, however, are not a constant and a variable, respectively (if a function has a variable as the base and a constant).
