This is exponential growth of the form:
f=ir^t, f=final value, i=initial value, r=rate, t=time
Let's solve for the rate given the point provided....
1200=1000r^5
1.2=r^5
r=1.2^(1/5)
So our equation is:
f=1000(1.2^(1/5)^t) which is equal to
f=1000(1.2)^(t/5) so when t=11
f=1000(1.2)^(11/5)
f≈1493 (to nearest whole number)
