Answer
Initial amount $a=1500$
Rate of growth $r=7.4\%$
$f(5)=2143.4$
Work Step by Step
The given expression is
$\Rightarrow f(t)=1500(1.074)^t$
$\Rightarrow f(t)=1500(1+0.074)^t$
The standard form of the exponential growth function is
$y=a(1+r)^t$
Initial amount $a=1500$
Rate of growth $r=0.074=7.4\%$
Substitute $5$ for $t$.
$\Rightarrow f(5)=1500(1.074)^5$
Evaluate the power.
$\Rightarrow f(5)=1500(1.42896439189)$
Simplify.
$\Rightarrow f(5)=2143.44658783$
Round to the nearest tenth.
$\Rightarrow f(5)=2143.4$
