Answer: In 7 years, Ms Acosta will earn $37,734.7
Step-by-step explanation:
From the information given, we find the increase using exponential growth formula
A= P(1+r)^t
Where p= the starting amount on the contract, given as $34000
r = rate, given at 1.5% = 1.5/100 = 0.015
t = time, given as 7years
Plug the values into the formula:
A = 34000(1 + 0.015) ^7
= 34000 (1.015)^7
34000 x 1.1098
A= $37,734.7
In 7 years, Ms Acosta will earn $37,734.7.
