Question

Determine the growth defined by the equation y=3(3.4)x

Answer 1

$\bf \qquad \textit{Amount for Exponential Growth}\\\\ A=I(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ I=\textit{initial amount}\\ r=rate\to r\%\to \frac{r}{100}\\ t=\textit{elapsed time}\\ \end{cases}\\\\ -------------------------------\\\\ \stackrel{A}{y}=\stackrel{I}{3}(3.4)^{x}\implies y=3(1+\stackrel{r}{2.4})^x \\\\\\ \cfrac{r}{100}=2.4\implies r=100\cdot 2.4\implies r=\stackrel{\%}{240}$