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.