5000 principal earning 3% compounded annually, 8 years

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asked Jul 12, 2018 31.2k views

1 Answer

Christophor · Answer 1 · 2018-07-18T08:10:22+0000

Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 5000
R interest rate 0.03
T time 8 years

A=5,000×(1+0.03)^(8)
A=6,333.85

Hope it helps

5000 principal earning 3% compounded annually, 8 years

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