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: 19



Work Step by Step

The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$ P=5000 which is the start amount R=0.015 which is the rate(1.5%) in decimal N=4 because it is the number of times compounded per year. T=3 which is the time. Substitute: A=5,000(1+$\frac{0.015}{4}$$)^{4(3)}$ A=5000(1.05) A=5229.70 There would be about $5229.70 after 3 years.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After 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.