An initial deposit of $5,000 is made into a savings account that compounds 3% interest annually. How much is in the account at t
he end of 5 years?
how do I set this up
2 answers:
Find how much 3% of $5000 is. Then multiply the 3% by five and add it to 5000. I hope that didn’t sound confusing.
Answer:
5809.171
Step-by-step explanation:
Formula A=P*e^rt
A= unknown
P= initial 5,000
r= rate 3% or 0.03
t= time 5
A=5,000*e^(0.03 * 5)
A= 5809.171 approximately
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