The form of the growth function is
[tex]P(x)=a(1+r)^x[/tex]Where:
a is the initial value
r is the rate of growth in decimal
x is the time
Since the first profit was $150,000, then
a = 150,000
Since the profit increased 11% per year, then
r = 11/100 = 0.11
Since the time is 8 years, then
x = 8
Substitute them in the form above
[tex]\begin{gathered} P(8)=150000(1+0.11)^8 \\ P(8)=345680.6655 \end{gathered}[/tex]The amount of profit in 8 years is 345,680.67 to the nearest cent
