The average profit a local store owner earns on a given day is $830 and is growing exponentially at a rate of 87% per year. Write a function to represent profit after t years, where the quarterly rate of change can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage rate of change per quarter, to the nearest hundredth of a percent.
a) P(t)=830×(1+0.2175)⁴ᵗ ; 21.75%
b) P(t)=830×(1+0.2175)ᵗ ; 21.75%
c) P(t)=830×(1+0.0875)⁴Tt ; 8.75%
d) P(t)=830×(1+0.0875)ᵗ ; 8.75%