Intermediate Algebra (6th Edition)

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

Chapter 9 - Review: 96


$A=1059.85$ dollars

Work Step by Step

We are given the formula $A=Pe^{rt}$ for solving interest problems (where A is the amount accrued, P is the principal amount invested, r is the rate of interest, and t is time in years). In this case, we are measuring the amount accrued when 940 dollars is invested over 3 years with a 4% interest rate. $A=940e^{.04(3)}=940e^{.12}=940\times1.1275=1059.85$ dollars
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.