Answer: $ 3045.48
Step-by-step explanation:
The exponential decay equation with rate of growth r in time period t is given by :-
[tex]y=A(1-r)^t[/tex], where A is the initial amount
Given : The rate of decay of population every year : 15% =0.15
The initial value = $9500
Then , the exponential growth equation in time period t is given by :-
[tex]y=9500(1-0.15)^t=9500(0.85)^t[/tex]
After t= 7 years
The value of the sailboat will be :-
[tex]y=9500(0.85)^{7}=3045.48233867\approx3045.48[/tex]
Hence, the value of the sailboat after 7 years= $3045.48.
