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Question

The function $A(t)=2,500(1.05)^t$ gives the amount of money in a savings account after t years when $2,500 is invested at an annual interest rate of 5%. Find A(2) to find the amount of money in the savings account after 2 years. Round to the nearest cent.

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 2Substitute $t$ with $2$ in $A(t)$ and simplify:

$A(2)=2500\cdot 1.05^2=\\\\ =2756.3$

After 2 years, there will be $\$2756.3$ in savings account.

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