Intermediate Algebra (6th Edition)

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

Chapter 9 - Section 9.7 - Common Logarithms, Natural Logarithms, and Change of Base - Exercise Set: 63

Answer

$3656.38

Work Step by Step

We are given the formula $A=Pe^{rt}$ (where A is the amount accrued, P is the principal amount, r is the interest rate, and t is the amount of time in years). In this case, $P=1400$, $r=.08$, and $t=12$. We can plug these values into the formula to find A. $A=1400e^{.08\times12}=1400e^{.96}=1400\times2.6117=3656.38$ dollars
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