Question

I am putting the number of years after 1987 in for T but I can’t figure it out

Answer 1

SOLUTION

Find the number of years between 1987 and 2038.

$t=2038-1987=51$

Now substituting 51 into the equation, we have

$\begin{gathered} P(51)=2400e^{0.033(51)} \\ =2400\times e^{1.683} \\ =2400\times5.3811678 \\ =12916.0243396 \end{gathered}$

Hence the answer is 12,916