Question
Andrea invested $3,000 in an online currency. If the value of the currency increases at a rate of 14% per year, the situation can be modeled using the equation A(t)=3000(1.14)t
, where A is the amount in the investment after t years. What is the amount in the investment after five years? Round your answer to the nearest cent. (1 point)
The amount in the investment after five years is $
To find the amount in the investment after five years, we can substitute t = 5 into the equation A(t) = 3000(1.14)^t:
A(5) = 3000(1.14)^5
Using a calculator, we find that A(5) ≈ $4882.37 (rounded to the nearest cent).
Therefore, the amount in the investment after five years is $4882.37.