f the present value of an investment is $5,000, what will be its future value in three years if you apply a compound interest of
5 percent to it?
1 answer:
Answer:
6381.4078125 or $6381.41
Step-by-step explanation:
Pn- future value of P0
P0- original amount invested
r- rate of interest
n- number of compounding periods (months, years, etc.)
Pn = P0(1+r)n
= $5000(1+0.05)5
= 6381.4078125 or $6381.41
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