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math

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I have a question about Exponential Growth. The problem is: You deposit $350 in an account that pays 9.5% interest compounded yearly. What is the balance after 6 years? I don't know how to write the equation for this. Does anyone have an idea what the equation might be?

  • math -

    the commonly used compound interest formula
    Amount = Principal(1+i)^n is actually an exponential equation.
    In your case
    Principal = 350
    i = .095 and
    n = 6
    so Amount = 350(1.095)^6
    = $603.33

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