Functions Modeling Change: A Preparation for Calculus, 5th Edition

Published by Wiley
ISBN 10: 1118583191
ISBN 13: 978-1-11858-319-7

Chapter 4 - Exponential Functions - 4.1 Introduction to the Family of Exponential Functions - Exercises and Problems for Section 4.1 - Exercises and Problems - Page 145: 20


109,272 dollars

Work Step by Step

The original value is 100,000 dollars; so $a=100,000$. Using the fact that $r=3\%=0.03$, $1+r=1.03$. Therefore, the equation must be $f(t)=100,000(1.03^t)$ Inputting $t=3$ into the function yields $$f(3)=100,000(1.03^3)=109,272$$
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