Calculate 6231+2787 by rounding each number to the nearest:
1 answer:
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<h3>Amount earned after 5 years is $ 9030.5561</h3>
<em><u>Solution:</u></em>
<em><u>The formula for compound interest, including principal sum, is:</u></em>
A = the future value of the investment including interest
P = the principal investment amount
r = the annual interest rate in decimal
n = the number of times that interest is compounded per unit t
t = the time the money is invested
From given,
p = 5000
t = 5 years
<em><u>n = 4 ( since interest is compounded quarterly )</u></em>
<em><u>Substituting the values we get,</u></em>
Thus amount earned after 5 years is $ 9030.5561