15–20. Designing exponential growth functions Complete the following steps for the given situation.
a. Find the rate constant k and use it to devise an exponential growth function that fits the given data.
b. Answer the accompanying question.
Savings account An initial deposit of $1500 is placed in a savings account with an APY of 3.1%. How long will it take until the balance of the account is $2500? Assume the interest rate remains constant and no additional deposits or withdrawals are made.