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Suppose you invest $500 in a savings account that pays 3.5% annual interest. a. Is this exponential growth or decay? b. How much will be in the account after 5 years?

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asked Jun 3, 2018 158k views

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Suppose you invest $500 in a savings account that pays 3.5% annual interest.

a. Is this exponential growth or decay?

b. How much will be in the account after 5 years?

Mathematics
high-school

Ashwanth Madhav asked

by Ashwanth Madhav

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That would be exponential growth.

Total = principal * (1+rate)^time

Total = 500 * (1+.035)^5

Total = 593.84

Tianshu Wang answered Jun 9, 2018

by Tianshu Wang

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Suppose you invest $500 in a savings account that pays 3.5% annual interest. a. Is this exponential growth or decay? b. How much will be in the account after 5 years?

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