Algebra-1

1. Determine the number of doubling periods:

Since the savings account balance doubles every year and we want to find out the balance after 5 years, the number of doubling periods  is equal to the number of years, which is .

2. Use the exponential growth formula:

The formula for exponential growth in this case is , where:

 is the final balance of the savings account.

 is the initial balance. Here, .

 is the number of doubling periods, which is .