Section XXXXXXXXXX) In August 2013, E*TRADE Financial was offering only 0.05% interest on its online checking accounts, with interest reinvested monthly. Find the associated exponential model for the...

Section 2.2 (85)

In August 2013,E*TRADE Financial
was offering only 0.05% interest on its online checking accounts, with interest reinvested monthly. Find the associated exponential model for the value of a $5000 deposit after "t" years. Assuming that this rate of return continued for 7 years, how much would a deposit of $5000 in August 2013 be worth in August 2020? (Answer to the nearest $1 .)