Algebra 1: Common Core (15th Edition)

Published by Prentice Hall
ISBN 10: 0133281140
ISBN 13: 978-0-13328-114-9

Chapter 7 - Exponents and Exponential Functions - 7-7 Exponential Growth and Decay - Lesson Check - Page 463: 5



Work Step by Step

The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$ P=20000 which is the start amount R=0.05 which is the rate(5%) in decimal N=1 because it is the number of times compounded per year. T=10 which is the time. Substitute: A=20000(1+$\frac{0.05}{1}$$)^{1(10)}$ A=20000(1.63) A=32577.89 There would be about $32577.89 after 10 years
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