Intermediate Algebra (6th Edition)

Published by Pearson
ISBN 10: 0321785045
ISBN 13: 978-0-32178-504-6

Chapter 9 - Review - Page 597: 95

Answer

$A=1684.66$ dollars

Work Step by Step

We are given the formula $A=Pe^{rt}$ for solving interest problems (where A is the amount accrued, P is the principal amount invested, r is the rate of interest, and t is time in years). In this case, we are measuring the amount accrued when 1450 dollars is invested over 5 years with a 3% interest rate. $A=1450e^{.3(5)}=1450e^{.15}=1450\times1.1618=1684.66$ dollars
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