Answer
See the answers below.
Work Step by Step
a)
Plugging in $n=1$, we get: $P_1=35000(1.02)^1\approx 35700$.
Plugging in $n=2$, we get: $P_2=35000(1.02)^2\approx 36414$.
Plugging in $n=3$, we get: $P_3=35000(1.02)^3\approx 37142.28$.
Plugging in $n=4$, we get: $P_4=35000(1.02)^4\approx 37885.13$.
Plugging in $n=5$, we get: $P_5=35000(1.02)^5\approx 38642.83$.
b) 2014 is $10$ years after 2004. Thus, plugging in $n=10$, we get:
$P_{10}=35000(1.02)^{10}\approx42664.8$.
