Answer
$39392.81$ dollars
Work Step by Step
We have a geometric series with $a_1=35000, r=1.03$, for year 5, we have $a_5=a_1r^{5-1}=35000(1.03)^4\approx39392.81$ dollars
Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (3rd Edition)
by Sullivan III, Michael
Published by
Pearson
ISBN 10:
0-32193-104-1
ISBN 13:
978-0-32193-104-7
Chapter 11 - Sequences; Induction; the Binomial Theorem - Section 11.3 Geometric Sequences; Geometric Series - 11.3 Assess Your Understanding - Page 845: 85
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