Find the amount and compound interest on 5000 at 6% per annum for 3 years annual

Mathematics

1 answer:

Goryan [66]3 years ago

4 0

Answer:

The amount is 5,955.08

Step-by-step explanation:

Here, we want to calculate compound interest

We can find this by using the compound interest formula

A = P( 1 + r/n)^nt

A is amount

is the principal = 5,000

r is the interest rate = 6% = 6/100 = 0.06

n is the number of times per year in which the interest is compounded = 1

t is the number of years = 3

Substituting these values;

A = 5,000(1 + 0.06/1)^3(1)

A = 5000(1.06)^3

A = 5,955.08

You might be interested in

Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $575 in two wee

Artyom0805 [142]

Answer:

3685.7%

Step-by-step explanation:

Please don't get mad if it's wrong.

8 0

3 years ago

Read 2 more answers

An example of an asset-producing debt

erastovalidia [21]

<span>For example, education debt is a fact of life for many of us but we should view it as an investment in our future. We’d like to think it will provide us with an opportunity to increase our future income, so that makes it good debt. Debt for an unaffordable expensive car would be considered bad debt since it is an unnecessary expense that provides no income and depreciates in value. Debt for something that depreciates and provides no income would certainly be considered bad debt. An education is an investment that appreciates in value by increasing future income potential... the car is a depreciating expense that will provide no income and will rapidly depreciate in value (uses up income instead of providing income). The expensive car may be more fun to have, but the education will be the best investment.</span>

8 0

3 years ago

Simplify the expression. 10√6b + 5 √15c - 8 √6b - 3 √15c

ELEN [110]

Answer:

The answer to your question is: $2\sqrt{6} b + 2\sqrt{15} c$