Question

If $10,000 is invested at an interest rate of 3.5% each year, what is the value of the investment in 7 years? Write an exponential function and solve.

Answer 1

Answer: y=10000(1.035)^7 ;$12,722.79

Answer 2

Total = Principal * (1+ rate)^years
Total = 10,000 * (1.035)^7
Total = 12,722.79