[tex]\bf \qquad \textit{Amount for Exponential Growth}\\\\
A=I(1 + r)^t\qquad
\begin{cases}
A=\textit{accumulated amount}\\
I=\textit{initial amount}\to &40000\\
r=rate\to 3\%\to \frac{3}{100}\to &0.03\\
t=\textit{elapsed time}\to &15\\
\end{cases}
\\\\\\
A=40000(1+0.03)^{16}\implies A=40000(1.03)^{16}[/tex]
