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 - Practice and Problem-Solving Exercises - Page 464: 16



Work Step by Step

The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$ P=12000 which is the start amount R=0.048 which is the rate(4.8%) in percent N=1 because it is the number of times compounded per year. T=7 which is the time. Plug in: A=P(1+$\frac{r}{n}$$)^{nt}$ -substitute- A=12000(1+$\frac{0.048}{1}$$)^{1(7)}$ -simplify- A=12000(1.048)$^{7}$ -exponents- A=12000(1.38) -multiply- A$\approx$16661.35 After 7 years there will be about $16661.35
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