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shusha [124]
3 years ago
14

How much will $5000 be worth in 5 years if it is compounded continuously at 3% interest?

Mathematics
2 answers:
Murljashka [212]3 years ago
8 0

Answer:

$5,796.37

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}

<em>P = initial balance </em>

<em>r = interest rate </em>

<em>n = number of times compounded annually </em>

<em>t = time </em>

<em />

Now lets plug in the values into the equation:

5,000(1+\frac{0.03}{1})^5 = 5,796.37

Your answer is $5,796.37

Finger [1]3 years ago
5 0
$5,796 is how much it would be. hope it helps
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