Solve the word problem below. Enter your answer, using the slash (/) as the fraction bar. There are 7 cars at a car show. If the
2 answers:
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The formula for compounded interest in this type of equation is:
where A is the amount at the end of the time period, P is the principal amount you start with, R is the interest rate, N is the amount of compound periods, and T is the time allotted for the money to gain interest.
P = 5000, R = 3% or 0.03, N = monthly so 12, T = 2 years
Plug in our given information into the equation:
Let the calculator do the work here...
A ≈ 5308.785 which rounds to A ≈ 5308.79
Option A is your answer.