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Answer:
[tex]y = 160000 * (1.08)^t[/tex]
Step-by-step explanation:
Given
[tex]a = 160000[/tex] --- initial
[tex]r =8\%[/tex] --- rate
Required
The function over time
The function is calculated as:
[tex]y = a(1 + r)^t[/tex]
So, we have:
[tex]y = 160000 * (1 + 8\%)^t[/tex]
Express percentage as decimal
[tex]y = 160000 * (1 + 0.08)^t[/tex]
[tex]y = 160000 * (1.08)^t[/tex]