Algebra 2 (1st Edition)

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

Chapter 9 Quadratic Relations and Conic Sections - Cumulative Review - Page 659: 48



Work Step by Step

The amount can be obtained by the formula $A=P(1+\frac{r}{n})^{nt}$ where $P$ is the initial amount, and where $r$ is the annual interest rate, compounded $n$ times per year over $t$ years. Hence here: $A=P(1+\frac{r}{n})^{nt}=4500(1+\frac{0.0275}{12})^{12\cdot5}\approx5162.5$
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