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

Question

, 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 $

Answer 1

To find the amount in the investment after five years, we substitute t = 5 into the equation A(t) = 3000(1.14)t:

A(5) = 3000(1.14)^5

A(5) ≈ 3000(1.925)

A(5) ≈ $5775

Therefore, the amount in the investment after five years is $5775.