This is an exponential growth problem. To start it off, the exponential growth formula is: y = a(1 + r)^x, where a is the initial value, r is the common ratio, and x is how many years later.
Now, substituting in the values, we get y = 340,000(1 + 4.75)^9. Solve using the Order of Operations.
y = 340,000(5.75)^9. y = 340,000(6,870,852). Since this is an increasingly large number, I will represent it as y = 2.336089725^12.
You may wan't to check this answer, merely because since this is such a large number I cannot be totally sure. It might help if you had answer choices. Anyways, hope this helped! Have a great day!
