# 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

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 Click here to see ALL problems on Miscellaneous Word Problems 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.