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Bezzdna [24]
3 years ago
13

Zene deposited $50 in a savings account earning 5% interest, compounded annually. To thenearest cent, how much will he have in 3

years?
Mathematics
1 answer:
JulsSmile [24]3 years ago
6 0

Answer:

\$57.88  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=3\ years\\ P=\$50\\ r=5\%=5/100=0.05\\n=1  

substitute in the formula above

A=50(1+\frac{0.05}{1})^{1*3}  

A=50(1.05)^{3}  

A=\$57.88  

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