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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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44 votes
44 votes
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 Kajot
by
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1 Answer

10 votes
10 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 Cbrulak
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