When Ryan walks into the auditorium, there are 5 available seats in the first row, 10 in the second row, and 2 in the third row.
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The value of the investment after 5 years will be $3309.48.
<h3>What is compound interest?</h3>Compound interest is the addition of interest to the principal sum of a loan or deposit or interest on interest plus interest.
In finance and economics, interest is the payment of an amount above the repayment of the principal sum by a borrower or deposit-taking financial institution to a lender or depositor at a specific rate by a borrower or depositor. It differs from a fee that the borrower may pay to the lender or a third party.
The value of the investment after 5 years will be,
A = $3309.48
Therefore, the value of the investment after 5 years will be $3309.48.
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