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If 5000 is invested at a rate of 3% interest compounded quarterly,what is the value of the investment in 5 years ?

If 5000 is invested at a rate of 3% interest compounded quarterly,what is the value of the investment in 5 years ?
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1 vote
If 5000 is invested at a rate of 3% interest compounded quarterly,what is the value of the investment in 5 years ?

User Daniel Huckson
by
7.8k points

1 Answer

2 votes

Answer:

$5,805.92

Explanation:

The compound interest formula is: A = P (1 + r/n)^nt

User Andy Dwyer
by
8.1k points
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