Dr. Clarence invested $5000 in an account that draws 3.2% interest, compounded annually. What is the total value of the account

Question

3 years ago

14

Dr. Clarence invested $5000 in an account that draws 3.2% interest, compounded annually. What is the total value of the account

after 5 years?
Can you please clarify how you get your answer because I solved this to my notes and it said it was wrong.

Mathematics

1 answer:

castortr0y [4] · Answer 1 · 2022-07-26T08:22:14+03:00

castortr0y [4]3 years ago

5 0

It's simple, you just have to times everything. 5000 x 3.2% x 5 years. After calculating these, 3.2 is as 0.032 so there would be three decimal places. So then it will e 5000 x 0.032 x 5