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: 56

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 $P=5000,$ $t=5-years,$ $n=12$. Thus, The Table is as follows: $\begin{array}{ll} Rate & Amount\\ \%1 & 5256.25\\ \%2 & 5525.395\\ \%3 & 5808.084\\ \%4 & 6104.983\\ \%5 & 6416.79\\ \%6 & 6744.251 \end{array}$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.