An investment of $450 increases at a rate of 6.5% per year. What is the growth factor, b?

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02-05-2018
Mathematics

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An investment of $450 increases at a rate of 6.5% per year. What is the growth factor, b?

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jdoe0001 jdoe0001 · Answer 1 · 2018-05-02T21:20:52+02:00

jdoe0001 jdoe0001

02-05-2018

[tex]\bf \qquad \textit{Amount for Exponential Growth} \\\\ A=P(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{initial amount}\to &450\\ r=rate\to 6.5\%\to \frac{6.5}{100}\to &0.065\\ t=\textit{elapsed time}\\ \end{cases} \\\\\\ A=450(1+0.065)^t\implies A=450(\stackrel{growth~factor}{1.065})^t[/tex]

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