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:
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