Answer:
y=5,902,060*(.957)^t
Step-by-step explanation:
Since the original amount would be decreasing and it's an exponential one, hence the "every year", we can determine that it's an exponential decay equation.
The exponential delay equation is y=A*(1-r)^t. The y is the remaining amount, A is the original amount, r is the rate in decimal form, and t is for years. "1-r" is for decreasing rates and "1+r" is for increasing rates.
First thing we need to do is turn the rate, 4.3%, from a percentage to a decimal. You can do this by moving the decimal two places to the right, which gives you 0.043.
Now plug the numbers into the equation.
y=5,902,060*(1-0.043)^t
Simplify what's inside the parenthesis and get your final equation.
y=5,902,060*(.957)^t
