investments increase exponentially by about 27% every 3 years. if you start with a $1000 investment, how…

investments increase exponentially by about 27% every 3 years. if you start with a $1000 investment, how much money would you have after 12 years? future amount = 1000(1 + 0.27)^4 future amount = $? round to the nearest whole number

investments increase exponentially by about 27% every 3 years. if you start with a $1000 investment, how much money would you have after 12 years? future amount = 1000(1 + 0.27)^4 future amount = $? round to the nearest whole number

Answer

Explanation:

Step1: Calculate the value inside the parentheses

$1 + 0.27=1.27$

Step2: Calculate the exponentiation

$1.27^{4}=1.27\times1.27\times1.27\times1.27 = 2.60140561$

Step3: Multiply by the initial investment

$1000\times2.60140561 = 2601.40561$

Step4: Round to the nearest whole number

Rounding $2601.40561$ gives $2601$

Answer:

$2601$