Answer:
y = 10(1.01)^60
Step-by-step explanation:
The general equation of exponential growth is
y = ab^x
b has to do with the rate of growth.
b = 1 + r, so in this case, b = 1 + 1% = 1 + 0.01 = 1.01.
Now we have
y = a(1.01)^x
a is the initial value, so now we have
y = 10000(1.01)^x
where y is the number of books after x months
Since you need the number of books after 5 years, we must convert 5 years into months.
5 years * (12 months)/year = 60 months
The problem wants the expression in thousands of books, so we divide the initial value by 1000.
Answer: y = 10(1.01)^60
