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: 21



Work Step by Step

The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$ P=775 which is the start amount R=0.0425 which is the rate(4.25%) in decimal N=1 because it is the number of times compounded per year. T=12 which is the time. Substitute: A=775(1+$\frac{0.0425}{1}$$)^{1(12)}$ A=775(1.65) A=1277.07 There would be about $1277.07 after 12 years.
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