tjiffanyjones14 tjiffanyjones14

24-02-2017
Mathematics

contestada

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?

Respuesta :

wolf1728 wolf1728

24-02-2017

That would be exponential growth.

Total = principal * (1+rate)^time

Total = 500 * (1+.035)^5

Total = 593.84

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