$ 4000 in a mutual fund earns 12% every year. How much will the fund be worth in 20 years? solve with exponential function

44092.705

Explanation:

Initial amount = 4000

Rate of increase = 12%

Time or period = 20 years

Using the exponential function with the relation :

A = Po * e^rt

Where ; A = final amount ; r = rate ; t = period ; Po = Initial amount

A = 4000 × e^(0.12*20)

A = 4000 * e^(2.4)

A = 4000*11.023176

A = 44092.705

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