Intermediate Algebra (6th Edition)

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

Chapter 9 - Section 9.7 - Common Logarithms, Natural Logarithms, and Change of Base - Exercise Set - Page 585: 64

Answer

$3716.43

Work Step by Step

We are given the formula $A=Pe^{rt}$ (where A is the amount accrued, P is the principal amount, r is the interest rate, and t is the amount of time in years). In this case, $P=3500$, $r=.06$, and $t=1$. We can plug these values into the formula to find A. $A=3500e^{.06\times1}=3500e^{.06}=3500\times1.0618=3716.43$ dollars
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