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 586: 66



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, $P=2500$, $r=.1$, and $t=3$. We can plug these values into the formula to find A. $A=2500e^{.1\times3}=2500e^{.3}=2500\times1.3499=3374.65$ dollars
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