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: 22



Work Step by Step

The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$ P=3500 which is the start amount R=0.0675 which is the rate(1.5%) in decimal N=12 because it is the number of times compounded per year. T=0.5 which is the time. Substitute: A=3500(1+$\frac{0.0675}{12}$$)^{12(0.5)}$ A=3500(1.03) A=3,619.80 There would be about $3619.80
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.