Find the 12th term of the sequence which has a first term of 14 and has a common ratio of 1.03. Round your answer to the nearest hundredth if necessary.

Since the series has a common ratio then it is a geometric series.

thus it will follow the explicit formula given by:

an=ar^ (n-1)

plugging in the values we get:

an=14 (1.03) ^ (n-1)

thus the 12th term will be:

a12=14 (1.03) ^ (12-1)

a12=19.38