Answer:
$5,951.33
Step-by-step explanation:
We can use the compound interest formula to solve this problem:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 5.75% into a decimal:
5.75% -> -> 0.0575
Now, plug in the values:
After 5 years, the investment will be worth $5,951.33