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kolezko [41]
3 years ago
15

6) Suppose that $5000 is deposited into an account that earns 3.5%

Mathematics
1 answer:
pantera1 [17]3 years ago
5 0

Answer:

the future value is $5,750.01

Step-by-step explanation:

The computation of the future value is shown below;

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $5,000 × (1 + 0.035 ÷ 12)^4 × 12

= $5,000 × (1 + 0.2916%)^48

= $5,750.01

Hence, the future value is $5,750.01

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