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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?

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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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?

User Ashwanth Madhav
by
8.3k points

1 Answer

6 votes
That would be exponential growth.

Total = principal * (1+rate)^time

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

Total = 593.84



User Tianshu Wang
by
8.8k points
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