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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asked Feb 27, 2023 6.3k views

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Chocksmith · Answer 1 · 2023-03-05T16:05:40+0000

$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

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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