Answer
The final amount after 11 years of decay is approximately $2,204$.
Work Step by Step
RECALL:
Exponential decay is represented by the formula
$y=C(1-r)^x$
where
C = initial/original amount
r - decay rate
x = number of time intervals
The given exponential growth has:
C = 15,000
r = $16\%$
x = 11 years
Substitute these values into the given formula above to have:
$y=15,000(1-16\%)^{11}
\\y=15,000(1-0.16)^{11}
\\y=15,000(0.84^{11})
\\y=2,203.755482
\\y\approx 2,204$
