tjiffanyjones14 tjiffanyjones14

23-02-2017
Mathematics

Answered

Suppose you invest $500 in a savings account that pays 3.5% annual interest.

AIs this exponential growth or decay?

BHow much will be in the account after 5 years?

Verified Answer :

wolf1728 wolf1728

23-02-2017

That would be exponential growth.

Total = principal (1+rate)^time

Total = 500 (1+.035)^5

Total = 593.84

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