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Exponential growth/decay- Ashley has $5,000 in an account that earns 5% interest compounded annually. To the nearest cent, how much will she have in 3 years?
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1 vote
Exponential growth/decay-

Ashley has $5,000 in an account that earns 5% interest
compounded annually.
To the nearest cent, how much will she have in 3 years?

Exponential growth/decay- Ashley has $5,000 in an account that earns 5% interest compounded-example-1
User Tharris
by
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1 Answer

11 votes
$5788.13
The formula is pe^rt
P is the initial principal
E is eulers number
Then you raise it to the power of the rate and time multiplied
So everything together is 5000e^.05*3
User Chocksmith
by
5.8k points
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