Answer:
Step-by-step explanation:
m1 = 300
m2= 300(1+.05) = 300(1.05)
m3 = 300(1.05)(1.05)
m4= 300(1.05)(1.05)(1.05)
each subsequent month is the previous month times "1 + .05"
the "one" preserving the running total, and the extra ".05" adding the 5%
the repeating (1.05)(1.05)(1.05) is notational simplified using exponents
(1.05)(1.05)(1.05) = [tex](1.05)^{3}[/tex]
