Answer :
y= 5600 (1.07)^x
Base = 1.07
When the base of an exponential function is greater than one, it represents growth.
We can rewrite the base as:
1.07 = 1+r= 1 +0.07
r=0.07
r= increase rate
Percentage rate of increase = 0.07 x 100 = 7%
y= 5600 (1.07)^x
Base = 1.07
When the base of an exponential function is greater than one, it represents growth.
We can rewrite the base as:
1.07 = 1+r= 1 +0.07
r=0.07
r= increase rate
Percentage rate of increase = 0.07 x 100 = 7%