SOLUTION: Hi I really stuck on this word problem: Applications Exponential Growth and Decay Find the total amount on deposit after 3 years if $5000 is deposited at a rate of 8% in a bank

Question 113674This question is from textbook College Algebra
: Hi I really stuck on this word problem: Applications Exponential Growth and Decay
Find the total amount on deposit after 3 years if $5000 is deposited at a rate of 8% in a bank that pays intrest semiannually.
This is what I have so far:
P= 5000
R= .08
N= 6
T= 3yr
At= $5800
5000(1+.08/6)^6
5000(1.080)= 5400 [WHY DO YOU DROP THE 6 FROM THE DENOMINATOR & WHAT HAPPENED TO THE POWER (^6)?????????]
I am unable to get any further.
Thanks
This question is from textbook College Algebra

Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
5,000(1+.08/6)^6
5,000(1+.01333)^6
5,000(1.01333)^6
5,000*1.0827=$5,413.57 ANSWER.
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