Algebra 2 (1st Edition)

Published by McDougal Littell
ISBN 10: 0618595414
ISBN 13: 978-0-61859-541-9

Chapter 7 Exponential and Logarithmic Functions - 7.3 Use Functions Involving e - 7.3 Exercises - Problem Solving - Page 497: 57



Work Step by Step

The amount can be obtained by the formula (after $t$ years): $A=Pe^{rt}$ Where $P$ is the principal, and $r$ is the annual interest rate. Hence here: $A=Pe^{rt}=2000e^{0.04\cdot5}\approx2442.8$
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