You inherit $10,000 and decide to invest the money in mutual funds for your 5 year old daughter's future college expenses. After 6 years pass you decide to check on the value of your investment. You
find the balance after 6 years to be 18,000.
a) What is the growth rate in these 6 years for your investment. Round to the nearest thousandth.
b) Write an explicit equation for your investment.
c) Assuming your investment continues to grow at this rate, what is the value in 12 years?