Liam invests $5,000 in an account that pays 2.5% compound interest annually. He uses the expression P(1+r)t to find the total va
lue of the account after t years. What will be the total value of the account after 3 years?
1 answer:
<span>Total = Principal × ( 1 + Rate )^years
</span>
Total = 5,000 * (1.025)^3
Total = 5,000 *
<span>
<span>
<span>
1.076890625
</span>
</span>
</span>
<span><span><span>Total = 5,384.45
</span>
</span>
</span>
Source:
http://www.1728.org/compint.htm
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