Register

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?
158k views
5 votes
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
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Write words to match the expression. 24- ( 6+3)
Link Copied!