Answer:
This is the actual steps and answer.
Step-by-step explanation:
\text{Exponential Functions:}
Exponential Functions:
y=ab^x
y=ab
x
a=\text{starting value = }5000
a=starting value = 5000
r=\text{rate = }4\% = 0.04
r=rate = 4%=0.04
\text{Exponential Growth:}
Exponential Growth:
b=1+r=1+0.04=1.04
b=1+r=1+0.04=1.04
\text{Write Exponential Function:}
Write Exponential Function:
y=5000(1.04)^x
y=5000(1.04)
x
Put it all together
\text{Plug in time for x:}
Plug in time for x:
y=5000(1.04)^{7}
y=5000(1.04)
7
y= 6579.6589
y=6579.6589
Evaluate
y\approx 6580
y≈6580
round