How much will $5000 be worth in 5 years if it is compounded continuously at 3% interest?
2 answers:
Answer:
$5,796.37
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<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:
= 5,796.37
Your answer is $5,796.37
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