OpenStax, Algebra and Trigonometry 2e §6.1 Exponential Functions · Exercise 40 · Algebra · Exponentials & logarithms

Exponential Functions · Exercise 40

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

An account is opened with an initial deposit of $6,500 and earns $3.6%$ interest compounded semi-annually. What will the account be worth in $20$ years?

~8 minWritten answer · compare with the solution

OpenStax, Algebra and Trigonometry 2e · §6.1 Exponential Functions · Exercise 40

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