5.

Question

Suppose $4000 is invested at 6% interest compounded annually. Our formula is f(x)=4000(1.06)x
, where x is the number of years since the investment. How much money will there be in the bank at the end of 5 years? Find f(5)

(1 point)
f(5)=
$
round to the nearest cent
Question 6
6.

Answer 1

To find \( f(5) \) using the formula \( f(x) = 4000(1.06)^x \), we substitute \( x = 5 \):

\[ f(5) = 4000(1.06)^5 \]

Calculating \( (1.06)^5 \):

\[ (1.06)^5 \approx 1.338225 \]

Now, multiply this result by 4000:

\[ f(5) = 4000 \times 1.338225 \approx 5352.90 \]

So, rounding to the nearest cent:

\[ f(5) \approx 5352.90 \]

Thus, the amount of money in the bank at the end of 5 years will be:

\[ \boxed{5352.90} \]