Question

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

Answer 1

Answer:

$5,796.37

Step-by-step explanation:

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

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

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

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

Answer 2

$5,796 is how much it would be. hope it helps