Sofia invested $360 in an account in the year 2005, and the value has been growing exponentially at a constant rate. The value of the account reached $420 in the year 2009. Determine the value of the account, to the nearest dollar, in the year 2015.
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We know that the value of the account in 2005 is $8360 and in 2009 it is $420. Let's denote the growth rate as r. The formula for exponential growth is: $A(t) = A_0(1 + r)^t$ where A(t) is the value of the account at time t, A_0 is the initial value of the Show more…
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