Answer:
$8,029.91
Step-by-step explanation:
You have to use the exponential growth equation:
A=P(1+r)^t
Where A is the final amount, P is the initial amount, r is the rate of increase, and t is the time in years. So:
A=6,600(1+0.04)^5
(The rate has to be changed into a decimal)
Then, just plug this equation into a calculator (without the A= part, so just 6,600(1+0.04)^5) and you'll get the answer.
