tsukihime tsukihime

02-11-2017
Mathematics

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3. Susan invested $10,000 in an account that earned 3% interest, compounded monthly.
a. Write an exponential growth/decay formula to model the situation.
b. What is the value of this account after 5 years? Express your answer rounded to the nearest cent.

Respuesta :

musiclover10045 musiclover10045

03-11-2017

A) total = 10,000 *(1+0.03/12)^(12*t)

B) t = 5 years

10,000 *(1+0.03/12)^(12*5 ) = $11,616.17

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