Answer
$3528.81\ dollars$
Work Step by Step
Given $A=5000, r=0.035, n=4, t=10\ yr$, we have:
$A=P(1+\frac{r}{n})^{nt}\longrightarrow 5000=P(1+\frac{0.035}{4})^{4(10)}\longrightarrow P\approx 3528.81\ dollars$
Precalculus (6th Edition)
by Lial, Margaret L.; Hornsby, John; Schneider, David I.; Daniels, Callie
Published by
Pearson
ISBN 10:
013421742X
ISBN 13:
978-0-13421-742-0
Chapter 4 - Inverse, Exponential, and Logarithmic Functions - 4.2 Exponential Functions - 4.2 Exercises - Page 433: 101
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter 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.
