Respuesta :
The initial amount is the first number = 1500
Rate of growth is inside the parentheses and is added to 1, the rate of growth is 7.4%
Replace t with 5 and solve
1500(1.074) ^5 = $2143.45
Answer:
The growth rate is 7.4% and the initial amount is 1500. The answer when t=5 is 2143.45.
Step-by-step explanation:
Assuming this is actually supposed to be written as 1500*(1.074)^t, then this equation follows the standard growth form y = A(1+r)^t where A represents the initial amount, r represents the rate as a decimal, and t represents time. This means that 1500 (A) would be the initial amount, and if you subtract 1 from what's inside the paratheses, you will get the r rate as a decimal. To get this as a percent, simply multiply it by 100, so you will get 7.4% as your growth rate.
To find what the answer would be when t = 5, just plug in 5 for the value of t in the equation.
f(5) = 1500*(1.074^5)
f(5) = 1500*(1.42896)
f(5) = 2143.45