Question

Can you show me how to work this problem out?

Answer 1

Answer:

  $728.57

Step-by-step explanation:

You work this problem out by evaluating the given formula using the numbers given in the problem statement. It tells you the principal amount is $700, the interest rate is 4% = 0.04, and the time is 1 year.

The given formula is ...

  A = Pe^(rt)

Any scientific or graphing calculator can evaluate that with the numbers filled in:

  700×e^(0.04×1) ≈ 728.56754 ≈ 728.57 (rounded)

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"e^x" is generally a function the calculator is able to perform, so you don't need to know the value of "e".