Answer
The final amount after 19 years of growth is approximately $1,510,182$.
Work Step by Step
RECALL:
Exponential growth is represented by the formula
$y=C(1+r)^x$
where
C = initial/original amount
r - growth rate
x = number of time intervals
The given exponential growth has:
C = 1000
r = $47\%$
x = 19 years
Substitute these values into the given formula above to have:
$y=1000(1+47\%)^{19}
\\y=1000(1+0.47)^{19}
\\y=1000(1.47^{19})
\\y=1,510,182.246
\\y\approx 1,510,182$
