+961 Ben deposited $20,000 in a retirement fund that earns 5% interest compounded annually.
What will be the balance in Ben's account after 7 years? Round to the nearest dollar.
+961 Write an exponential equation for $20,000 invested in an account that earns 5% interest per year for 7 years.
The general formula for exponential growth is y=a(1+r)t.
In this situation, a = 20,000, r = 0.05, and t = 7.
y=20,000(1+0.05)7y=20,000(1.05)7y=28,142.01
Rounded to the nearest dollar, 28,142.01 is 28,142.
The account balance would be $28,142 after 7 years.
+118677 FV=20000*(1+0.05)^7
$${\mathtt{20\,000}}{\mathtt{\,\times\,}}{\left({\mathtt{1}}{\mathtt{\,\small\textbf+\,}}{\mathtt{0.05}}\right)}^{{\mathtt{7}}} = {\mathtt{28\,142.008\: \!453\: \!125}}$$
+961 Write an exponential equation for $20,000 invested in an account that earns 5% interest per year for 7 years.
The general formula for exponential growth is y=a(1+r)t.
In this situation, a = 20,000, r = 0.05, and t = 7.
y=20,000(1+0.05)7y=20,000(1.05)7y=28,142.01
Rounded to the nearest dollar, 28,142.01 is 28,142.
The account balance would be $28,142 after 7 years.
