Answer
The final amount after 12 years of growth is approximately $8,796$.
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 = 29
r = $61\%$
x = 12 years
Substitute these values into the given formula above to have:
$y=29(1+61\%)^{12}
\\y=29(1+0.61)^{12}
\\y=29(1.61^{12})
\\y=8,796.471709
\\y\approx 8,796$
