The initial value stands at 20,300, decreasing annually by 9.5%.
Given that it decreases by 9.5% each year based on the preceding amount, we can apply an exponential decay model.
A 9.5% reduction means multiplying by 91.5% every year.
We express this mathematically. Plugging in 11 years for t yields.
$7,671.18
Given that it decreases by 9.5% each year based on the preceding amount, we can apply an exponential decay model.
A 9.5% reduction means multiplying by 91.5% every year.
We express this mathematically. Plugging in 11 years for t yields.
$7,671.18