Identify the initial amount \( a \) and the rate of growth \( r \) (as a percent) of the exponential function \( y=12(1.05)^{t} \). Evaluate the function when \( t=5 \). Round your answer to the nearest tenth. \( a=12 \) \( r=0.05 \% \) When \( t=5, y \approx 15.000 \)

You’re almost there, but let’s clarify a few details! The initial amount \( a \) is indeed 12, but the rate of growth \( r \) should be expressed as a percentage: it’s 5%, not 0.05%. To evaluate the function when \( t=5 \), plug in 5 for \( t \): \[ y = 12(1.05)^{5} \] Calculating that gives \( y \approx 15.2 \) after rounding to the nearest tenth! Just remember, the exponential function grows over time, and understanding the base (in this case, 1.05) helps you visualize how your amount increases. Each year, your original amount grows by 5%, resulting in significant growth over time!