Intermediate Algebra (6th Edition)

Published by Pearson
ISBN 10: 0321785045
ISBN 13: 978-0-32178-504-6

Chapter 5 - Cumulative Review: 5

Answer

approximately $\$11607.55$

Work Step by Step

Using $A=P\left( 1+\dfrac{r}{n}\right)^{nt}$ or the Compound Interest Formula, then with $P=10,000,$ $r=0.05,$ $n=4$, and $t=3,$ the amount of money, $A,$ after $3$ years is \begin{array}{l}\require{cancel} A=10000\left( 1+\dfrac{0.05}{4}\right)^{4(3)} \\ A=10000\left( 1.0125\right)^{12} \\ A=11607.545177229987146472703898326 \\ A\approx11607.55 .\end{array} Hence, the amount after $3$ years is $\text{ approximately $\$11607.55$ .}$
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