Question

What is the exponential growth given A=1,500,000, r= 5.5%, n= 7?

Answer 1

Final Amount is `2204421.5` unit
Growth is `704421.5` unit

Explanation:

Formula for exponential growth is `A_n= A*e^(rn)` Where `A_n` is the final amount.

Given `A= 1500000, r= 5.5/100=0.055 , n=7 , A_7=?`

`:. A_7= 1500000*e^(0.055*7) ~~ 2204421.5` unit

So Growth is `G=2204421.5-1500000~~ 704421.5` unit [Ans]