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: 20



Work Step by Step

The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$ P=13500 which is the start amount R=0.033 which is the rate(3.3%) in decimal N=12 because it is the number of times compounded per year. T=1 which is the time. Substitute: A=13500(1+$\frac{0.033}{12}$$)^{12(1)}$ A=13500(1.03) A=13952.30 There would be about $13952.30 after 1 year.
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