Answer:
[tex]y = 1500 * 1.09^t[/tex]
Step-by-step explanation:
[tex]\text{It should be clear that the rate of change is non-linear}[/tex][tex]\text{, meaning that we can express the function in the following manner}[/tex]
[tex]\text{y = a * b^t, where a is the initial value and b is the rate of change and t is how}[/tex][tex]y = a * b^t,[/tex] [tex]\text{where a is the initial value and b is the rate of change and t is how many years.}[/tex]
[tex]\text{Well, year 0 is the rate of change so we can say that a = 1500}[/tex]
[tex]\text{Next, we divide any two consecutive year balances to find our rate of change:}[/tex]
[tex]1635/1500 = 1.09[/tex]
[tex]\text{Therefore, our equation looks like this:}[/tex]
[tex]y = 1500 * 1.09^t[/tex]
