Question

676 X 4

Answer 1

The equation for exponential growth is as follows:
\[y=a(1+r)^x\] where y=balance, a=initial deposit, r=rate of growth, and x=years. So set up the equation that way, and make sure you put r in decimal format (i.e. 6%=0.06). Then you can solve for y.

Answer 2

No, but close...make sure you're putting it in the calculator in the right order. (do (1+r)^x first, before multiplying by 1000)

Answer 3

?

Answer 4

No, that's still wrong...remember your order of operations

Answer 5

So you evaluate whatever is inside the parentheses first. That's 1+r = ?

Next is your exponent, so raise whatever value you got for 1+r to the 5th power.

Finally, you can multiply it by 1000.

Answer 6

Remember, the order of operations is Paretheses, Exponents, Multiplication/Division, Addition/Subtraction (PEMDAS)

Answer 7

i'm confused :(

Answer 8

Okay, let's do this line by line then.
\[y=a(1+r)^x\]
\[y=1000(1+0.06)^5\]
\[y=1000(1.06)^5\]
When evaluating this on your calculator, you're going to want to raise 1.06 to the 5th power FIRST. Then multiply by 1000. Otherwise your calculator might get confused and evaluate it incorrectly. Try that and see what answer you get.

Answer 9

So the way you'd type that into the calculator would be
1.06^5=?
ans * 1000

Answer 10

No, that's still not quite right... what is 1.06^5?

Answer 11

Then take that number, and multiply by 1000.