Answer:
$9.33
Exponential growth.
Step-by-step explanation:
The formula for an exponential function is:
abˣ = y OR
a(1 + r)ˣ = y
a is the initial value (4.22)
r is the rate of increase (3.1% or 0.031 in dec. form) where 1 + r is b
x is the time (26 years)
y is the ending value.
If we plug those values in, the equation will turn out to be 4.22(1 + 0.031)²⁶ = y
Plug it into a calculator and you will get 9.333354216
This is exponential growth because x, the initial value, increases to get to y, the ending value.
