Answer :
a. y=700,000*(1+6%)^t
b. 2 years later which means t=2, hence, y=700,000*(1+6%)^2=786520
round to the nearest thousand: y=78700
b. 2 years later which means t=2, hence, y=700,000*(1+6%)^2=786520
round to the nearest thousand: y=78700