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1 year ago

If $5000 is invested at a rate of 3% interest

Mathematics

1 answer:

harkovskaia [24]1 year ago

7 0

The value of the investment in 5 years is $5805.9

<h3>What is Interest ?</h3>

Interest is the amount earned over years for the amount invested.

It is given that

Principal = $5000

Rate = 3%

Compounded Quarterly

Time = 5 years

Amount = ?

The Amount is given by the formula

Amount = P( 1 + (r/n))ⁿˣ

Here n = t = time period for which the investment has been done.

Amount = 5000( 1+(3/4 * 100)⁴ˣ⁵

Amount = 5000 (1.16)

Amount = $ 5805.9

Therefore , The value of the investment in 5 years is $5805.9

To know more about Interest

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Answer:

See proof below

Step-by-step explanation:

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Hope that helps!

Definitions of Theorem I used:

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