2. Margarite opened a clothing boutique. The boutique made $32,575 in profits the first year. Her annual profits have increased by an average of 4.56% each year since then. (a) Write an iterative rule to model the sequence formed by the profits of Margarite’s boutique each year.

(b) Use the rule to determine what the annual profits of Margarite’s boutique can be predicted to be 13 years from the start of her business. Round your answer to the nearest dollar. Do not round until the end. Show your work.