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3 years ago

12

Lin opened a savings account that pays 5.25% interest and deposited $5000. If she makes no deposits and no withdrawals for 3 yea

rs, how much money will be in her account?

1 answer:

Alexxandr [17]3 years ago

7 0

Answer:

$5829.57

Step-by-step explanation:

Annually compounding interest formula: $PV(1+i)^t$

5000(1+.0525)^3

5829.567266

which rounds to: 5829.57

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Step-by-step explanation:

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<u>Step 2: Combine like terms</u>

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