A quantity with an initial value of 6300 grows continuously at a rate of 60% per decade. What is the value of the quantity after 10 years, to the nearest hundredth?
The problem says that the quantity "grows". This means the quantity is increasing. Therefore, we will be multiplying by a number over 1 because we are increasing the quantity past 100% which is = to 1. We are only increasing by 60% because in 10 years only one decade passes.
60% +100%= 160%= 1.6
6300*1.6= 10080.00
We added two zeroes after the decimal place because the problem was asking us to round to the nearest hundredth.
Answer: 10080.00
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