Question

Principal, $3000; Annual interest rate, 5.7%, 5 years

Answer 1

Answer:

$3,958.19

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

$P(1+\frac{r}{n} )^{nt}$

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Lets plug in the values into the equation:

$3,000(1+\frac{0.057}{1})^5$ = 3,958.19

Your final answer is $3,958.19