Algebra: A Combined Approach (4th Edition)

Published by Pearson
ISBN 10: 0321726391
ISBN 13: 978-0-32172-639-1

Chapter 12 - Section 12.3 - Exponential Functions - Exercise Set: 48

Answer

\$$661.03$

Work Step by Step

Solve using the formula $A=P(1+\frac{r}{n})^{nt}$ as instructed. Identify values from the problem: $P=500$ $r=0.07$ $n=12$ $t=4$. Substitute values into the formula: $A=500(1+\frac{0.07}{12})^{48}≈661.03$.
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