Answer :
To solve the problem [tex]\( y = 20000(1.04)^6 \)[/tex], follow these steps:
1. Identify the components of the expression:
- Initial value: [tex]\( 20000 \)[/tex]
- Growth rate: [tex]\( 1.04 \)[/tex]
- Time period: 6 years
2. Apply the formula for exponential growth:
- The formula used here is [tex]\( y = \text{initial value} \times (\text{growth rate})^{\text{time period}} \)[/tex].
3. Break it down further:
- First, find the growth rate raised to the power of the time period: [tex]\( (1.04)^6 \)[/tex].
- This means you multiply 1.04 by itself 6 times.
4. Multiply with the initial value:
- Once you have the result from the previous step, multiply it by the initial value of 20000.
5. Final result:
- After performing the calculations, the final value of [tex]\( y \)[/tex] is approximately [tex]\( 25306.38 \)[/tex].
So, [tex]\( y \)[/tex] equals 25306.38 after the 6-year period with the given growth rate.
1. Identify the components of the expression:
- Initial value: [tex]\( 20000 \)[/tex]
- Growth rate: [tex]\( 1.04 \)[/tex]
- Time period: 6 years
2. Apply the formula for exponential growth:
- The formula used here is [tex]\( y = \text{initial value} \times (\text{growth rate})^{\text{time period}} \)[/tex].
3. Break it down further:
- First, find the growth rate raised to the power of the time period: [tex]\( (1.04)^6 \)[/tex].
- This means you multiply 1.04 by itself 6 times.
4. Multiply with the initial value:
- Once you have the result from the previous step, multiply it by the initial value of 20000.
5. Final result:
- After performing the calculations, the final value of [tex]\( y \)[/tex] is approximately [tex]\( 25306.38 \)[/tex].
So, [tex]\( y \)[/tex] equals 25306.38 after the 6-year period with the given growth rate.
