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To find the value of b in the exponential function, we can use the two data points given.
When x=1, f(1)=1020:
1020=1000(b)^1
1020=1000b
b=1.02
Now we can check if this value holds true for the second data point.
When x=2, f(2)=1040.40:
1040.40=1000(1.02)^2
1040.40=1000(1.0404)
1040.40=1040.40
Therefore, the value of b is 1.02.