3 years ago

PLZ ANSWER FASTTTTT (70 POINTSSSS)

Mathematics

1 answer:

skelet666 [1.2K]3 years ago

8 0

Answer:

$1738.91

Step-by-step explanation:

Given

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

Formula for compound interest is:

A = P(1 + r/n)^nt

Substituting values

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

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