OpenStax, Algebra and Trigonometry 2e §6.1 Exponential Functions · Exercise 43 · Algebra · Exponentials & logarithms

Exponential Functions · Exercise 43

Use the compound interest formula, $A (t) = P (1 + \frac{r}{n})^{n t} .$

Use the formula found in the previous exercise to calculate the initial deposit of an account that is worth $\$ 14, 472.74 $a f t er e a r nin g$ 5.5 \% $in t er es t co m p o u n d e d m o n t h l y f or$ 5$ years. (Round to the nearest dollar.)

This exercise builds on another exercise in its source book, which isn't shown here.

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OpenStax, Algebra and Trigonometry 2e · §6.1 Exponential Functions · Exercise 43

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