investments increase exponentially by about 27% every 3 years. if you start with a $1,000 investment, how…

investments increase exponentially by about 27% every 3 years. if you start with a $1,000 investment, how much money would you have after 12 years?\nfuture amount = 1,000(1 + 0.27)^4\nfuture amount = $?\nround your answer to the nearest whole number.

investments increase exponentially by about 27% every 3 years. if you start with a $1,000 investment, how much money would you have after 12 years?\nfuture amount = 1,000(1 + 0.27)^4\nfuture amount = $?\nround your answer to the nearest whole number.

Answer

Explanation:

Step1: Calculate the value inside the parentheses

$1 + 0.27=1.27$

Step2: Calculate the exponentiation

$1.27^{4}=1.27\times1.27\times1.27\times1.27 = 2.61290449$

Step3: Multiply by the initial investment

$1000\times2.61290449 = 2612.90449$

Step4: Round to the nearest whole number

Rounding $2612.90449$ gives $2613$

Answer:

$2613$