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IrinaVladis [17]
3 years ago
7

PLZ ANSWER FASTTTTT (70 POINTSSSS)

Mathematics
1 answer:
skelet666 [1.2K]3 years ago
8 0

Answer:

  • $1738.91

Step-by-step explanation:

<u>Given</u>

  • Deposit: P = $1500
  • Interest rate: r = 3% = 0.03 compounded
  • Time: t = 5 years
  • Compound number: n =1 per year
  • Final amount A= ?

<u>Formula for compound interest is:</u>

  • A = P(1 + r/n)^nt

<u>Substituting values</u>

  • A = 1500(1 + 0.03/1)^1*5 =
  • 1500(1.03^5) =
  • $1738.91

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