Chapter 5 - Exponential and Logarithmic Functions - 5.7 Financial Models - 5.7 Assess Your Understanding - Page 321: 47

$\$3017$

In this case $A=P(1+r)^t$, where $r$ is the rate, $t$ is the time in years, $A$ is the value after $t$ years. Here we have: $P=\$1500$ $t=5\text{years}$ $r=15\%=0.15$ Substitute these values into the formula above to obtain: $A=1500 \cdot (1+0.15)^5\approx\$3017$