College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter 4, Exponential and Logarithmic Functions - Section 4.1 - Exponential Functions - 4.1 Exercises - Page 373: 55

Answer

See the explanation

Work Step by Step

The formula for monthly compounded Interest is, $A(t)=P(1+\frac{r}{n})^{nt}$ whereas, $P=Initial-Investment$, $r=rate$, $n=12 month$ and $t=time$. Therefore, for $P=5000,$ $r=4\%,$ $n=12$. Thus, The Table is as follows: $\begin{array}{ll} Time & Amount\\ 12 & 5203.71\\ 24 & 5415.715\\ 36 & 5636.359\\ 48 & 5865.99\\ 60 & 6104.98\\ 72 & 6353.71 \end{array}$
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