Did I do this Algebra problem correctly/

In 1969 the Antique Automobile Club of America had 23,000 members. It grew an average of 5% per year through 1985. Assuming this continued what would the membership be in 2004?

I got 78,000 is this correct?: D

Question

Did I do this Algebra problem correctly/


In 1969 the Antique Automobile Club of America had 23,000 members. It grew an average of 5% per year through 1985. Assuming this continued what would the membership be in 2004?

I got 78,000 is this correct?: D

anonymous · Answer

$$
23000(1.05)^{2004-1996}=23000(1.05)^{8}=33981.5
$$