Chapter 9 - Section 9.2 - Exponential Functions and Models - Exercises - Page 645: 83

$A=5000(1.00025)^{12t}$ ${{\$}} 5106$

We want an exponential model, $A=Db^{t}$ At Nov 2010, we take $t=0$ years, and the deposit is $D=5000$ The interest presents a monthly increase by the factor $b=1+0.003/12$ We have 12 months per year, so $A=5000(1+0.003/12)^{12t}$ $A=5000(1.00025)^{12t}$ In seven years time, $t=7$, and $A=5000(1.00025)^{12\cdot 7}\approx 5106.0968569$