## Algebra 1: Common Core (15th Edition)

Published by Prentice Hall

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

$32577.89 #### Work Step by Step The formula is:A=P(1+$\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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