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An exponential function can in general be written in the form $y=a⋅b_{x},$ where $b$ is the function's value when $x=0,$ year $2016.$ We know that $a=20000,$ which means that the amount Billy G invested was $$20000.$

b

$b$ specifies the exponential function's growth factor. In our model, $a=1.02$ which means that the investment is expected to increase by $2%$ per year.

c

According to the model, $y$ dollars is the size of Billy G's investment, $x$ years after $2016.$ Therefore,

$y≈23000thenx=7$ that the amount in the fund is approximately $$23000,$ $7$ years after $2016,$ which means year $2016+7=2023.$