P11 equals 769.417 and general formula is 19*(1.4)^(n)
Exponential growth is a process that increases quantity over time. It occurs when the instantaneous rate of change of a quantity with respect to time is proportional to the quantity itself
The growth rate is .4 per time period.
the exponential growth model is f = p * (1 + .4) ^ n
f is the future value.
p is the present value.
r is the growth rate per time period.
n is the number of time periods.
in p0, n = 0
in p11, n = 11
you are given that p0 = 19
in the formula, that becomes f = 19 * (1 + .4) ^ 0 = 19 * (1.4) ^ 0 = 19.
the formula for p1 becomes f = 19 * (1 + .4) ^ 1 = 19 * (1.4) ^ 1 = 26.6
the formula for p11 becomes f = 19 * (1 + .4) ^ 11 = 19 * (1.4) ^ 11 = 769.417
the formula for pn becomes = 19*(1.4)^(n)
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