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This is an exponential growth problem. Exponential growth can be expressed mathematically in the following way:
.
Parameter a presents initial amount.
Parameter r is percentage increase.
Parameter t is time.
An equation that would describe given problem is:
t is the time in years.
I attached the graph of this function.
Parameter a presents initial amount.
Parameter r is percentage increase.
Parameter t is time.
An equation that would describe given problem is:
t is the time in years.
I attached the graph of this function.