SOLUTION: If you deposit $5,000 in an account that pays 5% interest compounded annually, how much money will you have in your account at the end of 15 years? Write an exponential function th

SOLUTION: If you deposit $5,000 in an account that pays 5% interest compounded annually, how much money will you have in your account at the end of 15 years? Write an exponential function th

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Question 382644: If you deposit $5,000 in an account that pays 5% interest compounded annually, how much money will you have in your account at the end of 15 years? Write an exponential function that represents this situation.

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+r)^15
A=5000(1.05)^15
A=5000*2.07893
A=$10,394.64
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