Question

Using the compound interest formula, calculate the total amount at the end of the stated period.

Answer 1

$\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \qquad \begin{cases} A=\textit{compounded amount}\\ P=\textit{original amount deposited}\to &\ 5000\\ r=rate\to 8\%\to \frac{8}{100}\to &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, meaning once} \end{array}\to &1\\ t=years\to &3 \end{cases}$