Elementary Technical Mathematics

Published by Brooks Cole
ISBN 10: 1285199197
ISBN 13: 978-1-28519-919-1

Appendix B - Exponential Equations - Exercise - Page 577: 21

Answer

$$\$5491.43$$

Work Step by Step

We use the exponential growth formula: $y=Ae^{rt}$ Where $A$ is the initial amount, $r$ is the rate of growth, and $t$ is the time. We plug in the given values to obtain: $$y=Ae^{rt}=5,000e^{0.0375\cdot 2.5}\approx \$5491.43$$
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