Question

If $300 is deposited in an account that DOUBLES every 5 years, write an equation and use the equation to answer the following: a.) How much is in the account after 10 years and after 12 years?

Answer 1

For the given account, which doubles every 5 years, the balance after 10 years would be $1200 and after 12 years it would be roughly $1485.14. This calculation uses the formula for exponential growth.

Step-by-step explanation:

This question is about exponential growth in the domain of mathematics. Given that $300 is deposited in an account that DOUBLES every 5 years, the growth can be represented by an equation of the form A=P*(2)^(t/5), where P is the principal amount (initial deposit), t is the time in years, and A is the amount in the account after t years.

So, for a.) after 10 years, substitute t=10 in our equation, A=300*(2)^(10/5), by simplifying we will get A=300*(2)^2=$1200.

After 12 years, do the same process with t=12, A=300*(2)^(12/5) which gives us approximately $1485.14.

Learn more about Exponential Growth